COMET is designed to increase the commercialisation of innovative products, processes and services, by providing individuals, early-stage growth firms, and
spin-off companies with a tailored package of support to improve their potential for successful commercialisation. 

Help for successful applicants will include supporting paths to commercialisation such as:

• raising capital from ‘business angels’ or venture capital funds;
• borrowing money;
• licensing; and
• joint ventures or strategic alliances.

The tailored support package will increase the client's potential for commercialisation by supporting activities in the areas of
management skills, business planning, market research, intellectual property strategy, working prototype and proven technology.

National Merit-Based Selection

Selection will be based on eligibility and merit criteria.  Eligible applications will be assessed and ranked in order of merit according to the following broad merit criteria:

• Product—the technical feasibility of the product/service/process;
• Market—the market opportunity and strategy; and
• Management—the actual or potential capability of the applicant to successfully commercialise a product, service or process with appropriate support from COMET.

Private Sector Delivery

National Managers and Business Advisers have been engaged from the private sector to provide AusIndustry with the expertise needed in the delivery of COMET.
         
Eligible Target Groups

Early Growth Stage Company—An early growth stage company is defined as a company that is in the early stages of commercialising an innovation.  To be considered, companies should have an average annual income over the previous two years of $4 million or less, a revenue not exceeding $5 million in either year, and be less than five years old at the time of application.
 
Individual  - An individual will generally be taken to be the common understanding of a person acting on their own behalf.  An application lodged by an ‘individual’ on behalf of a company/organisation will be taken to be from the company/organisation.  (Note that individuals who are successful in being awarded support will be expected to form a company while they are being supported.)

Spin-off Companies - are companies formed by individuals from either public or private research institutions with either: (i) a written agreement; (ii) a licensing arrangement; or (iii) an arrangement to exploit technology, developed at the research institution.

Forms of Assistance

Assistance is available over a maximum period of two years.

Tailored Assistance for Commercialisation

This is an intensive stream in which clients will work with a Business Adviser to develop and implement a tailored assistance plan designed to make clients more attractive to investors or venture partners.

The assistance plan will focus on one or more of the following areas:

• strategic/business planning;
• market research;
• establishment of a sound management team;
• an intellectual property strategy;
• proven technology; and
• a working prototype.

The program will provide 80% of the cost with the remaining 20% met by the applicant. In the majority of cases, assistance will be between $20,000 to $50,000 but will be capped at $100,000 for exceptional applicants.

Management Skills Development

This is designed for applicants with immediate needs in the area of management skills related to innovative practices and financial management of commercialisation.  Applicants who receive funding under this stream will be given assistance to undertake training in an existing management skills course.  Under this stream applicants will be able to discuss their options with a Case Manager prior to enrolling in such a course.

COMET will fund up to half the cost of a management skills course, to a maximum of $5,000.

Costs

There is a $250 application fee for entry into the COMET program.

Clients who are offered a Tailored Assistance Commercialisation Plan may also be expected to pay a success fee to their Case Manager of 2% to 5% of any capital raised.