(iv) providing advice on pilot program a(iv) providing advice on pilot program activity to assess the practicality of alternative/new methods of support for commercialisation.

(iv) providing advice on pilot program activity to assess the practicality of alternative/new methods of support for commercialisation.

(b) the policies and practices to be followed by the Board in the performance of the functions.

Introduction

4. Commercialisation Australia will build the capacity of Australia’s researchers, entrepreneurs and innovative firms to take ideas and research to market. Commercialisation Australia will tailor assistance to the needs of the researcher or firm, focusing on skills, knowledge and funding. It will support projects with the potential for rapid growth, helping to take the innovation to the marketplace in a timely way. The Board will advise the Chief Executive Officer (CEO) on strategic matters in relation to the program and the commercialisation of ideas and research in general. Commercialisation Australia will offer up to $50,000 in funding for expert services, up to $350,000 to employ an experienced executive, up to $250,000 for proof of concept activities and up to $2 million for early stage commercialisation activities. Importantly, all assistance will be provided with an advisor who will help develop the participant’s skills and knowledge of the commercialisation process and facilitate access to experienced business mentors and specialist advice. The application process will be competitive based on merit criteria and other information as identified under these Directions. The Board will assess and prioritise applications against the merit criteria and provide technical assessments to the Program Delegate. The Program Delegate will consider the advice of the Board and select applicants to whom entry into the Commercialisation Australia program and access to specific types and levels of support will be offered. Participants will be monitored closely and on-going support under the Commercialisation Australia program will depend on successfully achieving agreed performance criteria.

Board to have regard to policy objective

5. The Board must have regard to the following policy objective in giving effect to these Directions:

The policy objective of the Commercialisation Australia program is to build the capacity of, and opportunities for, Australia’s researchers, entrepreneurs and innovative firms to convert ideas into successful commercial ventures, enhancing Australia’s participation and competitiveness in the global economy and generating commercial returns from Australia’s significant investment in public sector research. This is a response to systemic and market failures in the pathway to early stage commercialisation.