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Investment and commercialisation programs

There are a number of Australian Government investment and commercialisation programs administered by AusIndustry, the Australian Government's agency for delivering products, services and information that support industry, research and innovation:

• The Industry Cooperative Innovation Program (ICIP) is a merit-based grants program aimed at encouraging business-to-business cooperation on innovation projects that enhance productivity, growth and international competitiveness in Australian industries.

• Commercialising Emerging Technology (COMET) has funding of over $100 million until 2011 to support early-growth stage and spin off companies to successfully commercialise their innovations.

• Commercial Ready is AusIndustry's flagship innovation grants product, providing funding of more than $1 billion until 2011, to small and medium enterprises which support eligible project activities. Commercial Ready aims to:

  • encourage the growth and successful innovation of Australian companies by increasing the level of research and development, proof-of-concept and early-stage commercialisation by Australian businesses;

  • increase the international competitiveness of Australian businesses;

  • foster greater collaboration between industry and industry and research institutions; and

  • generate national benefit for the Australian economy.

  Commercial Ready is a merit-based grants program aimed at encouraging growth and successful innovation of Australian companies by increasing the level of research and development, proof-of-concept and early-stage commercialisation by Australian businesses.

• The Pre-Seed Fund was established to help increase the commercialisation of Australian Government Research. Private sector fund managers licensed under the program invest in projects or companies spinning out from universities or Australian Government research agencies and provide management and technical expertise to assist in the commercialisation of research and development activities.

• The Innovation Investment Fund (IIF) Program was established to encourage the development of new technology companies which are commercialising Australian research and development. Private sector fund managers licensed under the program to provide venture capital and managerial expertise to small, high-tech companies at the seed, start-up or early expansion stages of their development.

Through the Department of Communications, Information Technology and the Arts, the Digital Content Industry contributed to the recent Department of Industry, Tourism and Resources venture capital industry review. This review assessed the impact of recent reforms, including to Australia's venture capital tax laws, and the contribution of the industry to the national economy. The Digital Content Industry undertook research into overseas models and further discussions with stakeholders and early stage investment companies.

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