Document ID: chunk:federal_register_of_legislation:F2009B00223:body:0:p5
Version: federal_register_of_legislation:F2009B00223
Segment Type: other
Provision Reference: 
Character Range: 11411–14602

financial areas or other access the applicant has to those skills;

           (b) the extent to which the project will contribute to the commercialisation of leading edge biotechnology including:

              (i) the commercialisation potential of the biotechnology to which the application relates including:

                  (A) the extent to which a market exists for the commercialised biotechnology;

                  (B) the prospects for growth of that market; and

                  (C) the applicant's ability to access that market; and

              (ii) the quality of strategies for proof of concept for the project demonstrated, among other things, by:

                  (A) a project plan outlining the project milestones and timelines of the project; and

                  (B) the applicant's access to facilities, equipment and staff needed to undertake the project;

           (c) the extent to which the project will provide commercial and national benefits including:

              (i) income streams as a result of commercialisation;

              (ii) additional employment; and

              (iii) wider economic and community benefits; and

           (d) the extent to which the project can only proceed satisfactorily with financial assistance, including:

              (i) whether the applicant is a start-up company; and

              (ii) the extent to which the applicant is related to any person who could provide funding for the project.

PART 6 — GRANT OF FINANCIAL ASSISTANCE

Grant of financial assistance

    14. After assessing an application in accordance with Part 5 the Board may, subject to Parliamentary appropriation, approve the application for a project to which the application relates.

Refusal of financial assistance

15. The Board may decide in relation to a particular funding round:

    (a) not to grant any financial assistance; or

    (b) not to grant financial assistance to a particular applicant,

    if the Board considers that the merit criteria are not adequately met by the applicant or applicants concerned, or that granting the financial assistance would not be consistent with the policies set out in clause 7.

Board to enter agreements

    16. Before financial assistance is provided to the applicant whose application is approved:

       (a) the Board must enter into an agreement with the applicant; and

       (b) in the case of an applicant that is a proposed company, the applicant must become incorporated.

What agreements must contain

17. An agreement:

       (a) must not be inconsistent with a law of the Commonwealth, a State or Territory or these directions;

       (b) must specify the amount of the financial assistance for the project to which the application relates and the timing of payments of the financial assistance;

       (c) must require the applicant to conduct the project to which the application relates;

       (d) must require the applicant to keep records relating to the conduct and management of the project;

       (e) must provide for inspection by the Board of the premises where the project is undertaken and of the records mentioned