Commercialisation Australia will help 21 new Australian innovations become commercial realities, including new anti-cancer therapeutics and new technology to protect dolphins.
The Prime Minister announced the first ideas to be supported by Commercialisation Australia – the Government’s new body to help Australian inventors, entrepreneurs and researchers turn their ideas into money-making products and services – at an address to Community Cabinet in Sydney’s innovative North West region.
The assistance with Skills and Knowledge, Proof of Concept activities, and Early Stage Commercialisation will be worth $9.6 million for the companies that benefit, and produce jobs and prosperity for the Australian community.
A diverse range of innovations from around the country will be supported including treatments for disease, advanced materials, cutting-edge electronics, new online services, and a host of other innovations in agriculture, the media, manufacturing and beyond.
Commercialisation Australia, which opened for business in January, recognises that Australians have always been creative innovators, but far too often, the rewards generated by our inventions and discoveries have been captured by others.
Commercialisation Australia supports the modernisation of the Australian economy by increasing our focus on entrepreneurship, knowledge-based industries, and new business growth.
Two of the innovation projects in Sydney are:
• EnGeneIC Limited, a bioscience company that is developing anti-cancer therapeutics for commercial licensing.
• Global Detection Systems, which is developing technology to protect dolphins and whales in tuna fisheries.