Current funding available for COMET is $30m over the 3 years to 2001-02.
Biotechnology Innovation Fund
Expense ($m)
2001-02
2002-03
2003-04
2004-05
Department of Industry,
5.0
5.0
10.0
-
Science and Resources
Explanation
Through Backing Australia’s Ability, the Government plans to double funding from $20m to $40m for the Biotechnology Innovation Fund (BIF) program.
The Biotechnology Innovation Fund assists those ideas move from the research stage to the commercial stage.
It will increase the flow of Australian biotechnology projects proceeding to commercialisation by supporting biotechnology start-up companies to demonstrate proof-of-concept, and assist them to attract private sector investment for further commercialisation activities.
Support will be offered to applicants on a competitive basis, and will complement other Commonwealth programs. The BIF program has been developed to complement and support State level initiatives to strengthen the commercialisation of biotechnology. The BIF will make financial support available for a range of activities including to establish proof-of-concept. Selection criteria and project selection will be based on the advice of a panel of independent experts.
