Document ID: chunk:federal_register_of_legislation:F2009L04728:body:0:p2
Version: federal_register_of_legislation:F2009L04728
Segment Type: other
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Character Range: 3002–6618

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.

The policy objective will be achieved through:

         (a)                  Providing a range of assistance including initial advisory services, access to experienced business mentors, and funding for proof of concept and early stage commercialisation activities assessed against clear selection criteria;

         (b)                  providing a single coordinated commercialisation support service with multiple entry and exit points, and referrals to other sources of support as appropriate;

         (c)                  using stringent initial assessment processes to select applicants with high potential for growth and commercial success, while acknowledging the risk inherent in the pathway to commercialisation;

         (d)                  tailoring support to the timing and needs of individual applicants, taking account of their stage of development;

         (e)                  ensuring efficient delivery by building on current innovation activities and working with existing service providers;

         (f)                   leveraging private capital to maximise the effectiveness of Commercialisation Australia support;

         (g)                  sharing the risks by adopting a mutual obligation approach where appropriate;

         (h)                  rigorously monitoring the progress of each participant and, if necessary, redirect funding from underperforming participants;

         (i)                   regularly collecting data and analysing trends to measure the short and long term impact of the Commercialisation Australia program and to inform future initiatives to support innovation and commercialisation; and

         (j)                   enhancing access to business services and domain expertise across the nation.

Interpretation

    6.             In these Directions:

    "Act" means the Industry Research and Development Act 1986.

    "agreement" means an agreement (or other document) entered into by a participant and the Commonwealth for the provision, by the Commonwealth, of Commercialisation Australia program funding.

    "Australian university" has