Document ID: chunk:federal_register_of_legislation:F2007L00421:body:0:p2
Version: federal_register_of_legislation:F2007L00421
Segment Type: other
Provision Reference: 
Character Range: 2939–6347

of Industry, Tourism and Resources;

       eligible application means an application for grant funding under the Program, that includes a National Manager recommendation and that the Program Delegate has determined to be eligible to be admitted for technical assessment and merit ranking by the Board;

       eligible activities means the activities eligible for funding as part of an Assistance Plan.  The Assistance Plan is developed in consultation with the Business Adviser and is for activities accessed through third-party service providers.  These comprise:
         -          strategic and business planning, including an export strategy if appropriate;
         -          market research;
         -          management development, including participation in approved management skills development courses;
         -          an intellectual property strategy;
         -          engagement of non-executive directors or mentors;
         -          proving technology;
         -          working prototype completion;
         -          market validity focussed on building a credible business proposition; and
         -          for applicants more than 200 kilometres from Sydney, Melbourne, Brisbane, Adelaide or Perth, up to 5 per cent of their grant amount (capped at $3,200) on travel expenses incurred in relation to the project by themselves or a service provider;

       innovation is defined as new or improved, products, processes or services;

       Merit Criteria means the criteria specified in clause 9 of these Directions;

       Minister means the Minister for Industry, Tourism and Resources;

       Program means the Commercialising Emerging Technology (COMET) Program, a merit-based program that is administered by the Program Delegate and is designed to provide support to enable COMET recipients to maximise their potential for commercialisation of innovation;

       Program Delegate means an employee of the Department who has been empowered by the Minister, or otherwise duly authorised, to administer the program [Note: this is distinct from a Delegate of the Board appointed under section 21 of the Industry Research and Development Act 1986];

       recipient means an entity that is entitled to receive funding under the program pursuant to an agreement between the entity and the Commonwealth; and

       service providers are entities engaged to provide assistance and services in the implementation of the Assistance Plan.  They are identified by the COMET recipient, and their engagement approved by the COMET Business Adviser.

       b)             In these Directions, may is permissive and not mandatory.

PART 2 – CONSIDERATION OF APPLICATIONS TO PARTICIPATE IN THE PROGRAM

    5.             Board to have regard to certain policy objectives
    The Board must have regard to the following policy objectives in giving effect to these Directions:
       a)             to increase Australia's sustainable economic growth through stimulating the successful commercialisation of Australian innovation; and
       b)             to build sustainable and high-growth firms by increasing prospects for successful commercialisation of innovation through the attraction of capital and partners.

    6.             Procedure
       a)             Subject to clause 7, the Board will assess eligible applications and provide a merit ranking of those