How to get your business ready to grab a piece of the Government’s new commercialisation fund

SMEs are asking one big question following the announcement of the Government’s new $196 million Commercialisation Australia program: how do we apply?

The short answer is: Wait – the program won’t be taking applications until at least January 2010.

Tricia Berman, general manager of the innovation policy branch of the Department of Industry, Innovation, Science and Research’s innovation division, says her team is working hard to finalise the grant guidelines over the next month and a half, with the intention of releasing these before Christmas.

“We appreciate it takes awhile to prepare things. It’s just full speed ahead,” she says.

Berman urges all interested companies to keep an eye on the Commercialisation Australia website, where details will be released as they become available.

But just because applications aren’t open doesn’t mean that companies shouldn’t be laying down some grant groundwork.

Adrian Spencer, chief executive of grant consultancy GrantReady, says companies should start thinking about what they actually need to get funding for, and can even start developing some of the documentation needed to support their project.

“The mistake most people make is that they think that a grant is going to fund their company – a grant funds a specific project,” Spencer says.

He says companies can start thinking about how much the project is going to cost, the technical requirements associated with the project and the general business case.

“What most people don’t have is a strong business plans and a marketing plan to back up the story,” he says.

Another key consideration in any grant application is demonstrating how your project might benefit the national interest.

“A lot of people forget to talk about how their project is going to benefit the country. Is it going to create a new IP? Is it going to create new jobs? Is it going to help boost exports?”

While applications for grant funding are not yet available, Commercialisation Australia has asked for expressions of interest for positions on the new organisation’s board and for the case managers and volunteer mentors that will help steer applicants through the commercialisation process.