Two Deakin University research institutes based in Waurn Ponds are set to benefit from a $250,000 share in $5.3 million of the Liberal National Government’s Accelerating Commercialisation (AC) grants.
Deakin University has been awarded an AC grant for its four new translational research projects using the new Rapid, Alloy Process, Innovation and Design (RAPID) platform which is being developed by the University’s Applied Artificial Intelligence Institute (A²I²) and the Institute for Frontier Materials (IFM).
RAPID will provide innovative and complex alloy solutions to the aerospace, automotive, mining and medical sectors.
The funding will help Deakin University commercialise this process and establish RAPID as a stand along commercial entity.
The funding helps businesses take their products to market through commercialisation steps such as product trials, development and market testing.
Federal Member for Corangamite, Sarah Henderson, welcomed the success of Deakin University’s RAPID.
“This grant will not only help Deakin University to accelerate its project, it provides inspiration to other local businesses to think outside the square and come up with ways to improve their business,” Ms Henderson said.
“It shows that local companies can compete at a high level and create job opportunities in Corangamite.
“The grant also shows that businesses can enhance their success, both locally and globally through partnerships with government.”
The Morrison Liberal Government has delivered very substantial investments in advanced manufacturing in the Corangamite and Greater Geelong region.
“Today’s announcement builds on the success of many local companies including Corflux Technology, based at Deakin’s ManuFutures, which received a $1.1 million grant from our Government’s Regional Jobs and Investment Package,” Ms Henderson said.
“In two years, Corflux has gone from a start up to a company turning over $1.5 million a year and eight employees. “
The Coalition’s plan for a stronger economy has already helped create over 1.25 million jobs since coming into Government in 2013 and will help us reach our target to create a further 1.25 million jobs over the next five years.
Since the program launch in 2014, 390 grants worth $192 million have been offered to Australian businesses to commercialise their ground breaking technologies.
The grants are part of the Liberal National Government’s Entrepreneurs’ Programme. Each of the grants will be matched by industry funding from the businesses.
Accelerating Commercialisation grant applications can be lodged at any time for access to expert advice and matched funding grants of up to $1 million to cover commercialisation costs and help companies take their products to market.
Businesses can apply for an Entrepreneurs’ Programme Accelerating Commercialisation grant at www.business.gov.au/ep
28 March 2019