Commercialisation Australia will be very popular with my uncle. He's what you might call a 'sole backyard inventor'. Don't get me wrong - as a highly talented aerospace engineer, he has a string of great innovations, some that have hit the market and made a tidy sum, others languish in the filing cabinet. He's typically done it the hard way on his own. COMET has been very good to him. I expect Commercialisation Australia will be a perfect for him. But will Commercialisation Australia fit all shapes and sizes in innovation ? Will it fit for biotech ?
The acting chief executive officer of Commercialisation Australia Tricia Berman speaking at the block buster opening BioBreakfast for the year, encouraged the 190 guests at the event to apply. She acknowledged that a number of aspects of the program are still being defined but suggested that the future development of the program will be influenced by the quality and volume of applications that come through the door and that there was $20 million earmarked to be allocated now. I got the sense that she would be delighted if they were inundated with applications.
Question time is always the most valuable. Concerns were raised over the key eligibility criteria - 'demonstrate that you cannot get funding from any other source' . Another guest questioned whether clinical trials would be eligible for funding. Due to the concurrent R&D tax incentive scheme still being finalised, it is not clear whether clinical trial activity can be claimed through tax or if it would be eligible as commercialisation activity under Commercialisation Australia. What was clear is that the government do not want to allow a situation where this specific activity would be funded and also claimable under the tax scheme.
Having spoken with some members who attended the breakfast, there seems to be a 'watching brief' on volunteer mentoring and case managers for applicants, eligibility criteria, the pool of funding available and the definition of success criteria. One member commented that it 'might increase the population in the valley of death' and another said that it will attract the 'desperate and investor-less who have already been rejected. Though I was left in no doubt that there was deep and unanimous support for the $50,000 - $200,000 non repayable grant available to companies to attract or retain high quality executives onto the payroll.
The morning was followed up with a media release from Minister Carr's office announcing the Board of Commercialisation Australia. Congratulations to Dr Susan Pond, MD of J&J and ex-chair of AusBiotech, and Katherine Woodthorpe, CEO of AVCAL who were selected. This was good news for biotech.
Commercialisation Australia “hotline” - 13 22 56 or via www.commercialisationaustralia.gov.au.
Please let us know if you have applied as we are interested to follow your progress.
