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FIAL opening bushfire innovation fund
Paul Brescia
Half a million provided through Food Innovation Australia Limited (FIAL) to support agribusiness
Businesses affected by the 2019/20 bushfires can access grants of up to $25,000 through Food Innovation Australia Limited (FIAL), as part of the $500,000 Black Summer Innovation Fund.
Food and agribusiness companies can use the funding to partner with technical experts and researchers to identify commercially relevant innovation opportunities, according to FIAL.
These could include the development of novel food processing, packaging and agricultural technologies for their new future.
There is no requirement for businesses to match the funding, though part of the money must be spent on training or upskilling staff. There must also be an attempt to commercialise the innovation within 24 months of completion, with a path to market established.
Submissions without a training plan or commercialisation strategy will be rejected out of hand.
While businesses will get to keep the intellectual property (IP) from any innovations made through the funding, if there is a failure to commercialise it within three years, FIAL then takes ownership of the IP.
“Backing Australian food and agribusinesses from the bottom-up during times of adversity is crucial,” said FIAL managing director, Dr. Mirjana Prica.
FIAL’s hope is that the fund will encourage food and agribusinesses to think differently about their challenges, using innovation to supercharge their business.
Australian food and agribusinesses owners who have been negatively affected by events of national natural catastrophe or global disease outbreaks in 2019 or 2020 are can apply here, with applications officially opening March 1.
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