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South Australian technology business Fivecast is set to receive a share of the Commonwealth’s $3.5 million Accelerating Commercialisation grants to support the development of key AI technologies.
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Fivecast has been offered a $433,214 Accelerating Commercialisation (AC) grant to assist in the development of key AI technology.
AC provides access to expert guidance and grants to help businesses commercialise their novel products, processes and services. The AC program offers commercialisation guidance, AC grants and portfolio services to successful applicants.
Minister for Industry, Science and Technology Karen Andrews announced the grants to help businesses from across the nation, including Fivecast, saying, "The grants will help businesses accelerate the development of high quality projects, which had strong local and export market potential, and are an example of ideas that keep Australian businesses competitive and promote economic growth."
These grants are part of the Australian government’s Entrepreneurs’ Programme and make an important contribution to supporting business innovation.
AC grant applications can be lodged at any time. The grants consist of matched funding of up to $1 million to cover eligible commercialisation costs and help companies take their products to market.
Defence Minister Christopher Pyne said, "The support to Fivecast will encourage other local businesses to develop innovative ideas."
The Entrepreneurs' Programme is the Australian government’s flagship initiative for business competitiveness and productivity. It forms part of the government’s National Innovation and Science Agenda.
The program offers support to businesses through four elements:
- Accelerating commercialisation: Helps small and medium businesses, entrepreneurs and researchers to commercialise novel products, services and processes;
- Management: Experienced business advisers and facilitators review business operations, including business direction, strategy, growth opportunities and supply chain. They provide a report with strategies for business improvement and work with you to make them happen;
- Incubator support: Assists new and existing incubators to improve the prospects of Australian start-ups achieving commercial success in international markets, through helping them to develop their business capabilities; and
- Innovation connections: Experienced innovation facilitators work with businesses to identify knowledge gaps that are preventing business growth. The outcome is an innovation facilitation report.
"To date, 335 grants worth more than $166 million have been provided to Australian businesses to commercialise their ground breaking technologies," Minister Andrews said.
The AC grant program provides projects up to 50 per cent of the expenditure to a maximum of:
- $250,000 for commercialisation offices and eligible partner entities; and
- $1 million for all other applicants.
Fivecast was formed through a collaboration between Australia's national security agencies and various research organisations.
More information on the recipients is available at www.business.gov.au/ac-funding-offers. AC grant applications can be lodged at www.business.gov.au/ep. For more information on the Entrepreneurs’ Programme, visit www.business.gov.au/assistance/entrepreneurs-programme.
