Question Time

South Australian Early Commercialisation Fund

The Hon. D.W. RIDGWAY (Leader of the Opposition) (14:26): I seek leave to make a brief explanation before having a discussion with the Minister for Manufacturing and Innovation on some questions around the South Australian commercialisation fund.

Leave granted.

The Hon. D.W. RIDGWAY: One of the core commitments at the last election was to establish the South Australian commercialisation fund. In estimates last year, the minister described the South Australian commercialisation fund as a two-part plan. Part A was the early commercialisation fund, and part B the venture capital fund. The minister went on to say that the early commercialisation program would be delivered in three stages. Those three stages are the ones I am most interested in today.

You mentioned, minister, that phase 1 is a proof of concept grant of up to $50,000. Phase 2 is a product development phase, provided the company meets milestones under the proof of concept phase, of up to a further $150,000. If milestones are met from phase 2, then phase 3 will involve early commercialisation of up to an additional $300,000 for the company.

My question to the minister is: how many businesses have been successful in getting phase 1, phase 2 and phase 3 funding?