The Queensland Government, partnering with China’s Ministry of Science and Technology (MOST) has announced the first round of applications for its Commercialization Partnership Program (CPP). The program will provide researchers and entrepreneurs access to investment opportunities in China.
Australia’s main international trading partner China, is fast becoming a world force in technology innovation. At the current rate of economic growth, by 2022, China is expected to be the world’s leading financer of research and development.
Partnering with a world force, this initiative comes under the Advance Queensland Global Partnerships move and will support Queensland innovators to progress the technology transfer and to commercialize Queensland-developed technologies through placements in Chinese incubators.
Earlier this year, the initiative ramped up its funding from $180 million to $405 million, which was part of the state’s plan to accelerate the Advance Queensland initiative and turn it into a “whole-of-government” innovation agenda. Last week, Minister for Innovation, Science and the Digital Economy Leeanne Enoch during the announcement of CPP said,
This is a fantastic foot-in-the-door opportunity for Queensland entrepreneurs, whether they are a technology startup, established science-related business, or a Queensland researcher looking to commercialise their research.
In order to qualify under the CCP, applications must propose a science and technology related commercialization projects in any one of the following areas of joint interest to Queensland and MOST, namely, Agriculture (including food), Human health and medical research, Cleaner and renewable energy technologies, Environment (including marine and terrestrial), Advanced materials and nanotechnology and Digitally-enabled technologies.
Eight successful applicants, whether they are a researcher or have created a tech startup or a science-related business, will be chosen to represent Queensland’s tech ecosystem. Applicants will receive up to $20,000 for placement of three months in one of MOST’s six major incubators including Zhongguancun Technology Science Park in Beijing, Zhangjiang National Innovation Demonstration Zone in Shanghai and Shenzhen High-Tech Industrial Park in Guangdong.
Entry into the Chinese tech hub will provide access to world-class facilities, mentors, local business links, and invaluable insights into the Chinese market. There is also the potential to secure capital to refine their concepts and get their business up and running. Successful entrepreneurs will be given the opportunity to test, attract investment and commercialize ideas. Further, they will gain market intelligence, conduct competitor analysis, seek investment and test the sustainability of prototypes for the Chinese market.
China’s Vice Minister for Science and Technology, Professor Xu Nanping said,
In China, we have great respect for the research and innovation coming out of Queensland. It makes a lot of sense for us to work with Queensland startups and innovators, assisting them in commercializing their innovations, so that China and Queensland can benefit.
Applications for the CPP close on November 30 with with selected recipients to be recommended by the Queensland Department of Science, Information Technology and Innovation in consultation with MOST.