The Government will establish a $196.1 million Commonwealth Commercialisation Institute to develop a radical new approach to commercialising the best Australian research.
The Institute will aim to see that the best ideas developed by our universities and publicly funded research organisations become successful commercial realities.
This initiative is about making the most of home-grown innovations and getting the best value for taxpayers’ investment by supporting new innovation activity.
It will keep high-wage, high-skill jobs in Australia with long term economic and social benefits for the nation.
As well as supporting commercialisation of promising research, the Institute will support innovative firms with the potential for rapid growth, helping to take their research and ideas to the marketplace.
Bringing an innovative product or service to market is always challenging. The global recession has made things even tougher, stalling the development of potentially lucrative Australian inventions.
The Australian Government is establishing the Commonwealth Commercialisation Institute now to ensure our innovative young companies are still here when the global recession is over.
Media contact: Catriona Jackson, Minister’s Office, 0417 142 238