CSIRO ON has revived its Start-Up Accelerator program three years after closing it as government and universities step up efforts to commercialize research.
It was launched in 2015 as part of CSIRO’s Innovation Catalyst Strategy, supported by former Prime Minister Malcolm Turnbull’s National Innovation and Science Agenda. But in the year At the end of 2019, after 8 months of funding, CSIRO closed the program, although 52 new companies were created from the program, 226 new jobs were created, more than $30.4 million in business support was received, and 13 of them showed success. Companies attract 36 million dollars of investment capital.
With a strong focus on research announcements from the Federal Government and the Chief Scientist, universities setting up their own venture capital funds to accelerate business, CSIRO has now renewed its program for universities and research agencies to become publicly funded participants.
The ON program has two streams for Australian researchers to work with publicly funded research organizations to commercialize their ideas.
ON Prime focuses on customer delivery, while ON Accelerate is a full-time structured innovation accelerator.
ON Accelerate is free and provides early stage startup teams with the skills and support to ensure and develop high-potential innovation. The program focuses on business models, market validation, capital raising and storytelling.
It is designed for teams of 2-5 people, one of whom must be a researcher in an Australian research organisation.
Up to 20 teams are selected from an online application process to participate in a two-day selection boot camp before the top 10 are selected to go through a 15-week program. ON applications close on Friday 16 September.
CSIRO Chief Executive Dr Larry Marshall said the program would help all Australian researchers bridge the gap between the laboratory and business.
“The unique combination of ON and unique access to National Science Agency networks and resources will help scientists bridge the Death Valley that separates research from business,” he said.
“It’s rare that Australia is led by innovation. However, compared to international programs, ON can boast a very strong track record in terms of funds raised per company, diversity of founders and coverage of the system.
Approximately 100 teams will have the opportunity to participate in ON Prime each year for the next four years.
The ON program is funded by the Australian Government.
