The Victorian government has awarded more than $800,000 worth of grants under the Driving Business Innovation program.
The Government announced today that 11 grants of $75,000 each have been awarded to 10 businesses under Round one of the program.
Funded in the 2013 State Budget, the $16 million Driving Business Innovation program provides financial support for small to medium enterprises (SMEs) to partner with a government agency to co-develop a new product or service in response to a particular technology challenge.
Successful SMEs are granted $75,000 to undertake a feasibility study into their proposal, which will then be assessed for a potential grant of up to $1 million to develop a proof-of-concept prototype.
Innovation minister, Louise Asher, said the program was designed to encourage innovative and emerging SMEs to undertake specific research and development projects for Victorian Government agencies and to explore new commercial opportunities.
“These 10 successful businesses were selected from a pool of 65 innovative Victorian companies which proposed solutions to challenges in areas including water, waste management, health and agriculture," she said.
“The applications were formally assessed against program selection criteria by the Victorian Government agencies responsible for each technology challenge."
The successful proposals included a synthetic skin ‘scaffold’ for treating burns, the use of algae in the treatment of waste water, and a non-invasive lung imaging technology for very sick children.
Feasibility study outcomes will be delivered later in 2014 then assessed for further proof-of-concept and commercialisation support.
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The successful companies included Algae Enterprises, Altrutec, Blue Curve, Draco Scientific, Global Data Harvest, Grey Innovation (two grants), Hydrix, NIESM and PolyNovo.