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Friday, 3 August 2007

The University of Adelaide aims to put more of its research discoveries on the path to commercialisation with a new $2 million fund for researchers.

The Commercial Accelerator Scheme will be launched today (Friday 3 August) by the University's commercial development company Adelaide Research & Innovation Pty Ltd.

Under the scheme, University of Adelaide researchers can receive up to $250,000 to make their project "investment ready". It will address a recognised gap in research funding known as the "valley of death" between traditional research funding and venture capital.

University of Adelaide Vice-Chancellor and President Professor James McWha said: "With the introduction of the Commercial Accelerator Scheme we hope to be able to continue to increase the number of successful commercial ventures at the University of Adelaide - to add to the already significant list of commercial successes we've had.

"Venture capital funds typically don't invest in research until they have a product or prototype. The Commercial Accelerator Scheme will provide funding so researchers can establish proof-of-concept or reach a development milestone necessary to attract a commercial partner.

"Federal and State Government grant programs are also essential for research and development and this scheme complements these programs to take this research towards commercial development."

University of Adelaide commercial success stories include: Bresagen Ltd - the first biotech start-up company in Australia; GroPep Ltd - a biopharmaceutical company recently taken over by Danish company Novozymes; new cereal varieties bred at the University's Waite campus; the developers of the Sydney Olympic torch fuel and flame system; and Mudpack Software - licensed to power companies to assist in managing blackouts.

The Commercial Accelerator Scheme will be launched at special function at 1pm today at the University's North Terrace campus.