If you have transformed an innovative idea into a reality but need that extra assistance to turn it into a prototype and enter the market, then Proof of Concept assistance could be right for you. Proof of Concept grants will fund the steps necessary to establish the commercial viability of a new product, process or service. Projects that focus on basic research aimed at creating the base intellectual property are not eligible under this component. For example, projects that predominantly consist of early investigation and conceptual development will not receive Proof of Concept grant support. Government assistance for R&D is available through the R&D Tax Incentive.
- Funding Amount - $50,000 to $250,000 is available for participants
- Minimum Contribution - Participants are required to match the grant funding on an 50:50 basis, where the participant funds 50% of the costs (eg: $100,000 from the participant and $100,000 from Commercialisation Australia)
- Project Length - Participants have 12 months to complete this component
Commercialisation Australia support offers more than just money:
- Case Managers - All participants work with a Case Manager. Commercialisation Australia Case Managers are experienced business builders and entrepreneurs who understand the challenges of commercialising new IP and who can add value to your commercialisation and business activities. They can also assist you in preparing your application. For more information go to the Case Manager section of this website
- The Expert Network - Making the right business connections is important. Participants may be matched to members of the Expert Network who are able to provide useful insights and introductions. For more information go to the Expert Network section of this website.
What activities are funded?
Proof of Concept assistance will fund the steps necessary to establish the commercial viability of a new product, process or service:
- Types of eligible expenditure include:
- Intellectual property protection
This expenditure can be incurred for a range of activities including, but not limited to, product development and prototyping, market validation and execution of IP strategy.
For more information on eligible expenditure refer to the Commercialisation Australia Customer Information Guide.
For information about making an application, including eligibility, downloading application forms and the assessment process, go to the Apply section of this website.
The information on this web page is a guide only. Detailed information on the terms and conditions of the Proof of Concept grant is located in the Customer Information Guide.