Funding Boost for Local CryptoPhoto Business Ideas
30th July, 2015
CryptoPhoto, of Noosa Heads, has been offered $460,000 assistance to lift their innovative ideas from the drawing board into the global marketplace, under the Australian Government’s Entrepreneurs’ Programme.
Federal Member for Wide Bay and Deputy Prime Minister Warren Truss, said the funding under the programme’s Accelerating Commercialisation element would help CryptoPhoto to tackle the challenges they face in commercialising their products and services.
“The Government’s Entrepreneurs’ Programme provides innovative Australian businesses with access to expert advice, experience and networks crucial for attracting investment and getting new ideas into the marketplace,” Mr Truss said.
“Australia needs great ideas to be transformed into commercial products in order to compete with global markets, and this investment will boost that effort across a range of sectors.”
Mr Truss said the local CryptoPhoto project supported included developing a next generation multi-factor authentication solution for the internet security market. The solution will improve internet security and make authentication easier to use. Accelerating Commercialisation support will be used to help CryptoPhoto commercialise the product by securing beta reference sites, developing SDK and API kits for the developer community, and achieving commercial independent validation and certification.
The grants are matched by the recipient companies.
“Accelerating Commercialisation will deliver national economic benefits by boosting business growth and competitiveness. It is helping to effectively commercialise more of Australia’s wealth of intellectual property, including our brightest ideas from businesses based here in the Wide Bay,” Warren Truss said.
“Commercialisation Advisers guide businesses through the commercialisation process. Eligible entities may also receive financial assistance in the form of a matching grant of up to $1 million.”
More information on the projects that received grants is in the attached table. More information on the Entrepreneurs’ Programme can be found at www.business.gov.au/entrepreneurs-programme or by phoning 13 28 46.
