$433,214 FUNDING BOOST TO STURT BUSINESS

$433,214 FUNDING BOOST TO STURT BUSINESS An innovative company in Sturt is set to benefit from a $433,214 share in $3.5 million of Australian Government’s Accelerating Commercialisation (AC) grants. Fivecast Pty Ltd from Kent Town has been offered an AC grant to assist in the development of Artificial Intelligence (AI) technology. Minister for Industry, Science and Technology Karen Andrews announced the grants to help businesses from New South Wales, Queensland and South Australia take their products to market. “The grants will help businesses accelerate the development of high quality projects, which had strong local and export market potential, and are an example of ideas that keep Australian businesses competitive and promote economic growth,” Minister Andrews said. “These grants are part of the Australian Government’s Entrepreneurs’ Programme and make an important contribution to supporting business innovation,” Minister Andrews said. “To date, 335 grants worth more than $166 million have been provided to Australian businesses to commercialise their ground breaking technologies.” Accelerating Commercialisation grant applications can be lodged at any time. The grants consist of matched funding of up to $1 million to cover eligible commercialisation costs and help companies take their products to market. Mr Pyne said the success of Fivecast set an excellent example to other businesses in Sturt. “The support to Fivecast will encourage other local businesses to develop innovative ideas. Businesses in the Sturt electorate can enhance their success, both locally and globally through partnerships with government,” Mr Pyne said.