New grants are being rolled out to help turn great ideas into commercial opportunities and foster greater collaboration between universities and industry.
The Australia's Economic Accelerator (AEA) Seed Grants are part of the Albanese Government’s efforts to support a more diverse economy.
From 6 February, $10 million will be available for projects seeking to confirm proof-of-concept on research ideas pursuing a commercial outcome through the AEA pilot Seed Grants program.
Grants of up to $500,000 will be invested in higher education research with identifiable commercialisation potential in line with the Government’s research priorities.
The grants will be available to projects in two tranches across four priority areas including renewable and low-emission technology, medical science, resources and agriculture, and forestry and fisheries.
But we have a gap when it comes to getting that world-class research to the stage where it can be translated into practical and commercial applications.
This is all about taking these great ideas from some our brightest minds and turning them into things that will benefit all Australians.
These grants will also create economic opportunities and support Australians jobs.
I encourage researchers from across our Australian university sector to consider this exciting opportunity to take their innovative ideas and turn them into outcomes that will benefit the country.
The grants will provide entrepreneurs in higher education research with an opportunity to test their idea with experts from across the innovation system.
The AEA is made up of three stages – AEA Seed Grants, AEA Ignite Grants and AEA Innovate Grants.
The AEA Seed Grants and AEA Ignite Grants offer funding to support proof-of-concept projects with grants of up to $500,000 for up to 12 months.
AEA Innovate will offer funding of up to $5 million to support proof-of-scale projects to transition to market, with the expectation that projects will have industry partners.
Providing grants will help reduce the risk, creating more of an incentive for researchers, industry and investors to work together to test innovative new ideas at proof-of-concept.
The AEA Ignite and Innovate Grants are expected to launch in the second half of 2023, with more information on the program and grant applications available on the Department of Education website.