Sharing the runners-up award with Photos Inkorporated was the One Corp project - a company proposing a revolutionary concept of providing a free online system that instantly retrieves and organises consumers' transaction records.
Once Corp is aiming to eliminate the risk of misplaced or discarded receipts by targeting the increasing need for convenience and accuracy in meeting taxation standards and return policies.
"Our centralised network and database will provide the consumers with the convenience of paperless receipts and help save the environment by reducing paper usage," reads One Corp's executive summary.
"Clients will be able to search through their transaction history with ease using various search parameters to find what they need. One Corp hopes to revolutionize the transaction process by pushing through for a more environmentally friendly receipt system that improves the efficiency of the economy."
Innovation ANU winner Cardishield is developing a drug that protects the heart from damage and from the types of heart rhythms which people die from when they have a heart attack.
"It's for reducing the incidence of death and the extent of damage to the heart after a heart attack or after certain medical or surgical procedures," said Dr Steven Weiss, co-founder and Chief Scientific Officer of Cardishield, who has over 20 years experience in heart research.
"It's not yet ready for human clinical trials but it's not far off, mainly because the business isn't ready to proceed with that...the Innovation ANU award is fantastic because it gives us the kickoff that we need to get the business going to support the clinical trials," he said.