Thirty four Australian inventions, including a drug to treat learning and memory loss, an additive to reduce carbon emissions from cement production and a greener hot water system will be turned into commercial success stories, with the support of the Gillard Labor Government.

$13 million will be invested in the projects through Commercialisation Australia, the Australian Government’s flagship initiative for Australian entrepreneurs.

Announcing the successful applicants, Innovation Minister Senator Kim Carr said he was pleased to help talented researchers and entrepreneurs capitalise on their good ideas.

“Commercialisation Australia helps our most innovative minds take their products to the market, creating opportunities for business and high-tech, high-wage jobs for Australians,” Senator Carr said.

“As well as vital capital, successful individuals and businesses will receive practical support and guidance from experienced Case Managers and Volunteer Business Mentors. There are 20 Case Managers offering support nation-wide.

“I wish all grant recipients success and look forward to seeing their inventions make a difference to the lives of Australians and people around the world.”

In 2010, its first year of operation, Commercialisation Australia awarded a total of $33.6 million for 88 projects.

“Commercialisation Australia is achieving remarkable results for a large and diverse group of Australian companies and entrepreneurs.” Senator Carr said. “The opportunities we are opening will keep Australia powering ahead in the global knowledge economy.”

Details of the latest 34 projects are attached.

For more information on Commercialisation Australia and the support it provides, visit www.commercialisationaustralia.gov.au.

For more information on the Government’s support for research and development, visit www.innovation.gov.au.