Government Backs Small Business Feasibility Studies

Government Backs Small Business Feasibility Studies

Victoria Minister for Innovation, Services and Small Business Louise Asher

Victorian Government Funds Small Business Innovation

Victor P Taffa

Minister for Innovation, Services and Small Business Louise Asher today announced that 12 small to medium sized companies have secured Victorian Government funding for feasibility studies under the Smart SMEs Market Validation Program.

“The Smart SMEs Market Validation Program is a $28 Million competitive grants program that assists small and medium businesses develops innovative products, processes and services that meet the future technology needs of Victorian Government agencies, and which have potential to find wider markets for participating businesses.” Ms. Asher said.

 

“In this round, 12 projects have each received $100,000 to develop innovative solutions to identified problems.”

One of the companies, Victorian medical device company Ingeneus, will work with the CSIRO and Alfred Health to investigate the viability of an absorbable prosthesis to be screwed into a pre-tapped hole through the bone on both sides of a rib fracture.

“The feasibility study funded through the program aims to develop an absorbable rib for the treatment of multiple rib fractures, which will potentially benefit sufferers of chest trauma.” Ms. Asher said.

Local technology company Enviro Stream Solutions has also received funding to investigate a stormwater treatment device for Yarra Valley Water that aims to remove toxins from stormwater to an acceptable level for household use such as toilet flushing and laundry.

Melbourne-based Osprey Medical will investigate the development of an antibiotic delivery system for Melbourne Health that aims to safely deliver and sustain therapeutic doses of antibiotics to the lower limbs of patients with diabetes related foot complications.

“The Victorian Government is committed to providing opportunities for local businesses to help solve current health, water and transport challenges.” Ms. Asher said.