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COMET

COMET

Commercialising Emerging Technologies

COMET is designed to increase the commercialisation of innovative products, processes and services, by providing individuals, early-stage companies, and spin-off companies with a tailored package to improve the potential for a successful commercialisation. Financial and advisory help for successful applicants will support:
  • Raising capital from ‘business angels’
  • Venture capital funds
  • Debt funding
  • Licensing
  • Joint ventures or strategic alliances
  • Securing a major anchor client

The tailored support package, which ranges between $20-100k, will increase the potential for commercialisation by supporting activities in the areas of business planning, market research, management skills development, IP strategy, working prototype and proven technology.
Applying for COMET
COMET is a highly competitive grant that is inundated with significant demand from high quality applicants with deep IP. Successful applicants have usually invested $250-750k into developing a commercial prototype that either is a disruptive technology or provides a competitive advantage to a large customer, partner or strategic investor. If the company is a significant technological step, it will be a maximum of six months away from generating revenues, however the majority of successful COMET candidates are commonly generating revenues between $500-1250k.

To be eligible the company must be less than 5 years old with an average turnover for the last two years less than $8 million and no more than $5 million in either year. The IP must be innovative and 100% owned or exclusively controlled by the company. The management team has to demonstrate a clear understanding of the market and how to commercially exploit the IP. The management team must be willing to enter into a contract in relation to a Business Adviser's success fee, consider giving up equity in the business to an investor and have a demonstrated need for COMET funding.

In addition to the eligibility criteria, the review panel will assess applicants on merit criteria with respect to three broad areas:

Product Technical feasibility of the product/service/process (20% weighting)
Market Market opportunity, strategy and access to channels (30% weighting)
Management The actual or potential capability of the applicant to successfully commercialise with appropriate support from COMET (50% weighting)

Finally, the company must produce four external supporting documents that endorse the technology or confirm negotiations from any of the following:

  • Technical endorsements from industry bodies or institutions
  • Market endorsements from potential customers
  • Potential or current Investors or investment intermediaries
  • Established companies in the market

for more information contact us.
 
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