What’s it all about?
There are many great innovations developed by individuals, small Australian companies and researchers in universities.
COMET facilitates these innovations reaching their commercial potential by providing the inventors with the knowledge and resources to exploit the opportunity.
In order to capitalise on these innovations, COMET provides innovators with advice, services and financial assistance to plan their commercialisation, to attract capital for their project and to establish strategic partnerships to take the innovation to market. Advice is provided through a network of private sector business advisers and financial assistance is available to subsidise access to service providers in marketing, commercialisation, intellectual property and business planning.
COMET was introduced in 1999 and substantially expanded in 2004 when a further $100 million over seven years to June 2011 was provided to continue and expand the program.
A formal independent evaluation of the COMET program was undertaken in 2007, which found the program is effective in improving the ability of the majority of its customers to commercialise their innovation.
Why do it?
The COMET program:
- supports entrepreneurial firms to plan the commercialisation of their innovation. This means some 200 companies per annum can be supported with mentoring and commercialisation management advice; and
- provides for a network of private sector business advisers with commercialisation expertise so that COMET can reach a wide range of businesses, particularly in outer metropolitan and regional areas.
In the eight years to 30 June 2008, firms supported under COMET raised over $510 million in capital and developed over 1400 strategic alliances, licenses and other agreements to enable their businesses to grow.
COMET assistance is targeted to small Australian firms who have high potential to grow rapidly through the production of innovative products, processes and services.
The regional offices of AusIndustry will ensure that businesses outside of the metropolitan area can access the program.
Customer Inquiries
Call the AusIndustry Hotline on 13 28 46 during business hours or email at hotline@ausindustry.gov.au.
All Other Inquiries
Tricia Berman
General Manager
Innovation Policy Branch
Department of Innovation, Industry, Science and Research
Telephone: (+61) 2 6213 7444
Email
www.innovation.gov.au