This initiative demonstrates how the Australian Government is supporting small businesses
The Business Research and Innovation Initiative (BRII) in Australia has awarded grants totaling nearly $US5 million to five companies to develop innovative digital technologies that facilitate compliance and service delivery. The Regulatory Technology round of the BRII aims to address challenges faced by Australian businesses through the development of these technologies.
The grants will support the companies in the Proof-of-Concept stage, where they will receive a share of $US4,999,340 to develop prototypes of their novel technologies. The solutions being developed include technology to monitor the health and welfare of export livestock and a handheld device that could revolutionize asbestos testing.
Minister for Industry and Science, Ed Husic, highlighted that this initiative demonstrates how the Australian Government is supporting the translation of research into tangible improvements for small businesses. The selected companies will have approximately 15 months to complete their prototypes or proof of concept. They will also explore opportunities to scale up and expand the application of their technologies.
Upon completion of the Proof-of-Concept stage, government agencies may consider procuring the solutions, while the companies can pursue further commercial opportunities for their products. This funding aims to foster innovation and support the development of technologies that enhance compliance and service delivery in Australia.
