A surgical system that could revolutionise hip replacements is one of three cutting-edge products to share in $1.7 million in funding from the Morrison Government.
Minister for Industry, Science and Technology Karen Andrews said the recipients of the Accelerating Commercialisation grants were developing technology that will deliver widespread benefits to everyday lives and boost the economy.
“We know innovation is key to growing the economy and creating jobs. That’s why the Morrison Government is backing the ideas and hard work of our small business community,” Minister Andrews said.
“The Government is supporting businesses to grow and take their products to global markets, because we know by increasing exports of our home grown technologies we can provide greater economic security for Australia.
“These projects are part of the innovation ecosystem that is integral to Australia’s competitiveness on the world stage.”
The latest funding offers will assist:
- Gyder Surgical (VIC) with a $201,899 grant to commercialise their surgical navigation system which allows for more accurate hip replacement surgery.
- Vernx Biotechnology (VIC) with a $596,445 grant to commercialise their soft gel capsule which aims to improve gut health.
- Linesoft (NSW) with a $950,000 grant to commercialise its digital twin technology which aims to improve safety and efficiency for electrical utility companies.
The Coalition launched the Accelerating Commercialisation grants in 2014 and has offered more than 400 grants worth $197 million to Australian businesses.
The grants are matched by industry funding from the businesses and are part of the Morrison Government’s broader plan to grow the economy and create 1.25 million jobs over five years.
More information on the grant recipients is available at www.business.gov.au/ac-funding-offers.