Comet Faq
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COMET - Frequently Asked Questions
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COMET - Frequently Asked Questions What is the COMET program? The Commercialising Emerging Technologies (COMET) program was introduced by the Australian Government in November 1999 to aid the commercialisation of innovative products, processes and services. COMET has been extended until June 2011, with a further $100 million in funding providing assistance to more than 1,000 firms. The COMET program is delivered by AusIndustry, the program delivery division of the Australian Government’s Department of Innovation, Industry, Science and Research. Who can apply for COMET assistance? COMET provides support to early-growth stage companies, spin-off companies and individuals who: 1. are looking to grow substantially through commercialisation of an innovative product, process or service; 2. have identified weaknesses that are preventing them from implementing a commercialisation strategy; and 3. are unable to fund activities to address these weaknesses. Note: Applicants must be prepared to become an incorporated entity under the Corporations Act 2001 prior to receiving assistance, except for individuals who are only applying for management skills assistance. Assistance to individuals is available for management skills development required to progress their innovation towards commercialisation. Am I eligible for COMET and will I be competitive for assistance? Selection for COMET is a nation-wide, merit-based competitive process. To be successful, customers will need to show that they meet the eligibility criteria and then compete for the available program funds based on the comparative merit of the application as assessed against the merit criteria. Applicants must be willing to work with a COMET business adviser. The following eligibility criteria must be met to be eligible for assistance: 1. The proposed innovation has commercial potential. 2. The majority (at least 51 per cent) of the applicant’s current business activities, employees or assets are within Australia. 3. The applicant must be prepared to become a body corporate entity under the Corporations Act 2001 before receiving assistance (with the exception of individuals seeking management skills development). 4. The applicant has ownership of, or the beneficial use of, any intellectual property necessary to commercialise the innovation. 5. The applicant company must be less than five (5) years old. Applicants may be exempted from this criterion by demonstrating through documentary evidence that the company has traded for less than five (5) years. 6. The applicant is not related to a university, the total turnover for the company, including related companies over the previous two years totals less than $8 million, with not more than $5 million in either year; or 7. The applicant is related to a university, the total turnover of the applicant over the last two (2 years must total less than $8million, with not more than $5million in either year.
11/7/2008 8:33 PM
COMET - Frequently Asked Questions
2 of 4
http://www.ausindustry.gov.au/content/content.cfm?ObjectID=DA2D79D...
8. The applicant is solvent and can demonstrate its ability to fund the costs of the COMET assistance plan not met by program assistance. 9. The applicant must be prepared to enter into a success fee agreement with a COMET business adviser if the applicant wishes to receive a capital injection. 10. The applicant has paid a $250 (GST free) non-refundable application fee. If the applicant is an individual seeking assistance to undertake management skills activities to increase their capacity for innovation and commercialisation, the above eligibility criteria are to be read as not precluding participation in the program by individuals. An applicant will need to demonstrate competitiveness against the following four merit criteria to be considered: 1. actual or potential management capability to commercialise the innovation with appropriate COMET support. 2. market opportunity and strategy 3. technical feasibility of the innovation 4. demonstrated need for COMET funding. Who are COMET business advisers? COMET business advisers are private sector consultants contracted by the Commonwealth to assist in the delivery of the COMET program and are located across Australia. COMET business advisers are not employees of the Commonwealth. What is not funded under COMET? The following activities are ineligible for assistance under COMET and will not be funded by the COMET grant: activities conducted outside of the grant period if a specific activity that has received or receives support from another state, territory or Australian Government program for the purposes of the COMET assistance plan, the amount of approved COMET assistance will be reduced by that amount costs associated with applying for other Government funding/assistance commercialising an innovation that has previously been funded by COMET, either through the applicant or any other entity, except in the case of individuals who have previously undertaken management skills development activities activities included in a Cooperative Research Centre (CRC) work program by companies registered by a CRC costs or activities that are not included in the agreed COMET assistance plan The following expenses are ineligible and will not be funded by the grant; fees for services provided by related parties such as companies with common shareholdings or a directorship with the customer, individuals, COMET business advisers, employees or immediate family related to the customer salaries for executive staff recruitment costs for management team Australian Government charges (e.g. patent registration fees) research and development and production expenses in-house running expenses (e.g. accounting fees, office expenses) international travel incurred by the customer. What is the level of assistance available? Overall program funding is allocated yearly by the Australian Government. Grants will not be provided beyond the life of the program (currently 30 June 2011). COMET financial assistance for companies is available through a two tier funding structure. Tier 1: Grant value up to $64,000 (exclusive of GST). The rate of assistance is available at 80 per cent of the eligible
11/7/2008 8:33 PM
COMET - Frequently Asked Questions
3 of 4
http://www.ausindustry.gov.au/content/content.cfm?ObjectID=DA2D79D...
expenditure. Tier 2: Grant value of up to an additional $56,000 (exclusive of GST). The rate of assistance is available at 50 per cent of eligible expenditure. Tier 2 grants may be approved by the Program Delegate if commercial progress has been made on Tier 1 activities. The average time taken to complete an assistance plan is 12 months. All COMET assistance plans must be completed within two years of the project's commencement date. Assistance to individuals is available for management skills development required to progress their innovation towards commercialisation. Grants to individuals are limited to $5,000. What should I do before applying? Before applying for COMET assistance, you should consider whether you are eligible and whether your business proposal demonstrates merit for being supported under the program. To assist with assessing eligibility you are encouraged to complete and submit the COMET Customer Pre-Application Checklist which is available online at www.ausindustry.gov.au. This form is designed to help you in determining whether to lodge an application. After submitting the COMET Pre-Application Checklist, you will be contacted by an AusIndustry customer service manager who will discuss the results of the form and advise if you are suitable to proceed. If it is considered that you and your proposal are suitable for assistance under the COMET program, the AusIndustry customer service manager will put you in contact with a COMET business adviser in your State or Territory. Once referred to a COMET business adviser, they will examine your business proposal and advise you whether your proposal would be competitive. How do I apply for COMET assistance? If determined to be competitive, the COMET business adviser will assist in making an application for assistance using the COMET Grant Application Form. While it is not essential that a COMET business adviser support an application, it is essential that a COMET business adviser’s assessment accompanies an application for consideration by the COMET National Manager, the Board delegate and Program delegate. To assist applicants, a "SAMPLE" only version of the COMET application form is available in electronic form on the AusIndustry website at www.ausindustry.gov.au. Although it is AusIndustry’s preference that applications are lodged electronically, a downloadable PDF copy is also available. Applicants may contact the AusIndustry hotline on 13 28 46 or the COMET National Office on 02 6213 7656. Does it cost anything to apply? A non-refundable $250 (GST free) application fee is payable by the customer on submitting a COMET Grant Application Form. For applications lodged electronically, a cheque or money order should be made payable to AusIndustry and sent to: Manager COMET Program AusIndustry GPO Box 9839 Canberra ACT 2601 Payment of the application fee should accompany the application form if submitted in hard copy. When and where do I lodge an application? An Application Form may be lodged at any time. All COMET application forms are forwarded to the COMET National Office for processing. Nationwide selection for COMET grants are conducted on an ongoing basis except in January.
11/7/2008 8:33 PM
COMET - Frequently Asked Questions
4 of 4
http://www.ausindustry.gov.au/content/content.cfm?ObjectID=DA2D79D...
How are applications for COMET assistance assessed? Applications for COMET assistance are assessed by the Board and Program delegates based on recommendations by COMET business advisers and the COMET National Manager. Customers are advised in writing of the decision of the Program delegate. The AusIndustry Customer Service Charter states that the Program delegate will aim to make a decision on an application within 60 days of it being received. Applications are assessed on a competitive basis using the eligibility and merit criteria. Where can I get more information? Further information on the COMET program is available at www.ausindustry.gov.au or by contacting the AusIndustry hotline on 13 28 46. Please refer to the following customer information documents: COMET COMET COMET COMET COMET COMET
customer information guide you and your COMET business adviser you and your service provider guide to managing your grant pre-application checklist general notes on completing the grant application form.
VIEW DOCUMENT: to view the complete version of this document, you can: Download a RTF version [75kb]
Download a PDF version [56kb] Note: There may be links contained within this document which will transfer you from the AusIndustry website. AusIndustry does not have responsibility for these external websites nor does linking constitute any form of endorsement. Note: You need Adobe Acrobat Reader 3.0 or above to view PDF files. You can download a free copy from the Adobe web site.
If you have any problems accessing an attached file, please contact the AusIndustry Hotline on 13 28 46 or [email protected].
Copyright © Commonwealth of Australia, 2008 All content on this site is protected by copyright. You may download, display, print and reproduce this material in unaltered form only (retaining this notice) for your personal, non-commercial use or use within your organisation. Apart from any use permitted under the Copyright Act 1968, all other rights are reserved. Requests for further authorisation should be directed to: [email protected]
Print this document
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Close Window
11/7/2008 8:33 PM
1 of 4
http://www.ausindustry.gov.au/content/content.cfm?ObjectID=DA2D79D...
Print this document
|
Close Window
This is the text-only, printer-friendly version of COMET - Frequently Asked Questions. Its permanent web address is: http://www.ausindustry.gov.au/content/content.cfm?ObjectID=DA2D79DA-98EE-4218B51D7C4C1A505744
COMET - Frequently Asked Questions What is the COMET program? The Commercialising Emerging Technologies (COMET) program was introduced by the Australian Government in November 1999 to aid the commercialisation of innovative products, processes and services. COMET has been extended until June 2011, with a further $100 million in funding providing assistance to more than 1,000 firms. The COMET program is delivered by AusIndustry, the program delivery division of the Australian Government’s Department of Innovation, Industry, Science and Research. Who can apply for COMET assistance? COMET provides support to early-growth stage companies, spin-off companies and individuals who: 1. are looking to grow substantially through commercialisation of an innovative product, process or service; 2. have identified weaknesses that are preventing them from implementing a commercialisation strategy; and 3. are unable to fund activities to address these weaknesses. Note: Applicants must be prepared to become an incorporated entity under the Corporations Act 2001 prior to receiving assistance, except for individuals who are only applying for management skills assistance. Assistance to individuals is available for management skills development required to progress their innovation towards commercialisation. Am I eligible for COMET and will I be competitive for assistance? Selection for COMET is a nation-wide, merit-based competitive process. To be successful, customers will need to show that they meet the eligibility criteria and then compete for the available program funds based on the comparative merit of the application as assessed against the merit criteria. Applicants must be willing to work with a COMET business adviser. The following eligibility criteria must be met to be eligible for assistance: 1. The proposed innovation has commercial potential. 2. The majority (at least 51 per cent) of the applicant’s current business activities, employees or assets are within Australia. 3. The applicant must be prepared to become a body corporate entity under the Corporations Act 2001 before receiving assistance (with the exception of individuals seeking management skills development). 4. The applicant has ownership of, or the beneficial use of, any intellectual property necessary to commercialise the innovation. 5. The applicant company must be less than five (5) years old. Applicants may be exempted from this criterion by demonstrating through documentary evidence that the company has traded for less than five (5) years. 6. The applicant is not related to a university, the total turnover for the company, including related companies over the previous two years totals less than $8 million, with not more than $5 million in either year; or 7. The applicant is related to a university, the total turnover of the applicant over the last two (2 years must total less than $8million, with not more than $5million in either year.
11/7/2008 8:33 PM
COMET - Frequently Asked Questions
2 of 4
http://www.ausindustry.gov.au/content/content.cfm?ObjectID=DA2D79D...
8. The applicant is solvent and can demonstrate its ability to fund the costs of the COMET assistance plan not met by program assistance. 9. The applicant must be prepared to enter into a success fee agreement with a COMET business adviser if the applicant wishes to receive a capital injection. 10. The applicant has paid a $250 (GST free) non-refundable application fee. If the applicant is an individual seeking assistance to undertake management skills activities to increase their capacity for innovation and commercialisation, the above eligibility criteria are to be read as not precluding participation in the program by individuals. An applicant will need to demonstrate competitiveness against the following four merit criteria to be considered: 1. actual or potential management capability to commercialise the innovation with appropriate COMET support. 2. market opportunity and strategy 3. technical feasibility of the innovation 4. demonstrated need for COMET funding. Who are COMET business advisers? COMET business advisers are private sector consultants contracted by the Commonwealth to assist in the delivery of the COMET program and are located across Australia. COMET business advisers are not employees of the Commonwealth. What is not funded under COMET? The following activities are ineligible for assistance under COMET and will not be funded by the COMET grant: activities conducted outside of the grant period if a specific activity that has received or receives support from another state, territory or Australian Government program for the purposes of the COMET assistance plan, the amount of approved COMET assistance will be reduced by that amount costs associated with applying for other Government funding/assistance commercialising an innovation that has previously been funded by COMET, either through the applicant or any other entity, except in the case of individuals who have previously undertaken management skills development activities activities included in a Cooperative Research Centre (CRC) work program by companies registered by a CRC costs or activities that are not included in the agreed COMET assistance plan The following expenses are ineligible and will not be funded by the grant; fees for services provided by related parties such as companies with common shareholdings or a directorship with the customer, individuals, COMET business advisers, employees or immediate family related to the customer salaries for executive staff recruitment costs for management team Australian Government charges (e.g. patent registration fees) research and development and production expenses in-house running expenses (e.g. accounting fees, office expenses) international travel incurred by the customer. What is the level of assistance available? Overall program funding is allocated yearly by the Australian Government. Grants will not be provided beyond the life of the program (currently 30 June 2011). COMET financial assistance for companies is available through a two tier funding structure. Tier 1: Grant value up to $64,000 (exclusive of GST). The rate of assistance is available at 80 per cent of the eligible
11/7/2008 8:33 PM
COMET - Frequently Asked Questions
3 of 4
http://www.ausindustry.gov.au/content/content.cfm?ObjectID=DA2D79D...
expenditure. Tier 2: Grant value of up to an additional $56,000 (exclusive of GST). The rate of assistance is available at 50 per cent of eligible expenditure. Tier 2 grants may be approved by the Program Delegate if commercial progress has been made on Tier 1 activities. The average time taken to complete an assistance plan is 12 months. All COMET assistance plans must be completed within two years of the project's commencement date. Assistance to individuals is available for management skills development required to progress their innovation towards commercialisation. Grants to individuals are limited to $5,000. What should I do before applying? Before applying for COMET assistance, you should consider whether you are eligible and whether your business proposal demonstrates merit for being supported under the program. To assist with assessing eligibility you are encouraged to complete and submit the COMET Customer Pre-Application Checklist which is available online at www.ausindustry.gov.au. This form is designed to help you in determining whether to lodge an application. After submitting the COMET Pre-Application Checklist, you will be contacted by an AusIndustry customer service manager who will discuss the results of the form and advise if you are suitable to proceed. If it is considered that you and your proposal are suitable for assistance under the COMET program, the AusIndustry customer service manager will put you in contact with a COMET business adviser in your State or Territory. Once referred to a COMET business adviser, they will examine your business proposal and advise you whether your proposal would be competitive. How do I apply for COMET assistance? If determined to be competitive, the COMET business adviser will assist in making an application for assistance using the COMET Grant Application Form. While it is not essential that a COMET business adviser support an application, it is essential that a COMET business adviser’s assessment accompanies an application for consideration by the COMET National Manager, the Board delegate and Program delegate. To assist applicants, a "SAMPLE" only version of the COMET application form is available in electronic form on the AusIndustry website at www.ausindustry.gov.au. Although it is AusIndustry’s preference that applications are lodged electronically, a downloadable PDF copy is also available. Applicants may contact the AusIndustry hotline on 13 28 46 or the COMET National Office on 02 6213 7656. Does it cost anything to apply? A non-refundable $250 (GST free) application fee is payable by the customer on submitting a COMET Grant Application Form. For applications lodged electronically, a cheque or money order should be made payable to AusIndustry and sent to: Manager COMET Program AusIndustry GPO Box 9839 Canberra ACT 2601 Payment of the application fee should accompany the application form if submitted in hard copy. When and where do I lodge an application? An Application Form may be lodged at any time. All COMET application forms are forwarded to the COMET National Office for processing. Nationwide selection for COMET grants are conducted on an ongoing basis except in January.
11/7/2008 8:33 PM
COMET - Frequently Asked Questions
4 of 4
http://www.ausindustry.gov.au/content/content.cfm?ObjectID=DA2D79D...
How are applications for COMET assistance assessed? Applications for COMET assistance are assessed by the Board and Program delegates based on recommendations by COMET business advisers and the COMET National Manager. Customers are advised in writing of the decision of the Program delegate. The AusIndustry Customer Service Charter states that the Program delegate will aim to make a decision on an application within 60 days of it being received. Applications are assessed on a competitive basis using the eligibility and merit criteria. Where can I get more information? Further information on the COMET program is available at www.ausindustry.gov.au or by contacting the AusIndustry hotline on 13 28 46. Please refer to the following customer information documents: COMET COMET COMET COMET COMET COMET
customer information guide you and your COMET business adviser you and your service provider guide to managing your grant pre-application checklist general notes on completing the grant application form.
VIEW DOCUMENT: to view the complete version of this document, you can: Download a RTF version [75kb]
Download a PDF version [56kb] Note: There may be links contained within this document which will transfer you from the AusIndustry website. AusIndustry does not have responsibility for these external websites nor does linking constitute any form of endorsement. Note: You need Adobe Acrobat Reader 3.0 or above to view PDF files. You can download a free copy from the Adobe web site.
If you have any problems accessing an attached file, please contact the AusIndustry Hotline on 13 28 46 or [email protected].
Copyright © Commonwealth of Australia, 2008 All content on this site is protected by copyright. You may download, display, print and reproduce this material in unaltered form only (retaining this notice) for your personal, non-commercial use or use within your organisation. Apart from any use permitted under the Copyright Act 1968, all other rights are reserved. Requests for further authorisation should be directed to: [email protected]
Print this document
|
Close Window
11/7/2008 8:33 PM
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