Peter Towers has been appointed the Business Adviser for the COMET Program for those companies situated in the Northern Territory region.
INTERVIEWS:-
Peter Towers regularly conducts interviews in various centres and will be available on these dates:-
- Darwin - Telephone for details
- Alice Springs - Telephone for details
Please telephone Jenny on (07) 4724 1118 or 1800 232 088 to arrange an appointment.
What's happening with COMET in Northern Territory?
DARWIN
MEDIA RELEASE
The Australian's Government's COMET (Commercialising Emerging Technologies) Programme has assisted over 1,440 companies around Australia to commercialise their technology over the last eight years. In the Northern Territory there have been eleven companies who have been assisted by the COMET Programme.
"COMET assists companies who have concluded their research and development and who wish to commercialise their technology by assisting them to become investment ready", Peter Towers, the Northern Territory COMET Business Adviser said today. "The assistance from the Federal Government is on an 80% grant basis up to $64,000. A further $56,000 can be applied for, if required, on a dollar-for-dollar basis. These funds can be expended for market research, export market research, management team structures, intellectual property strategies, legal advice, tidying up prototypes and the preparation of a business plan, including budgets and cashflow forecasts. These documents can then be used to attract investors or to assist in negotiations with major corporations who might be interested in manufacturing or distributing the inventor's product" Mr Towers said.
To be eligible for COMET assistance, applicants have to have a turnover of under $4M, although it can be as high as $5M in the last year, as long as in the last two years, turnover does not exceed $8M. The company also has to be under five years old. Individuals can apply, but if they're accepted into the COMET Programme, they have to incorporate a company.
An outstanding example of an enterprising company is Darwin-based Hercules Offshore Lifting Gear Pty Ltd which is a wholly – Australian owned company, incorporated in 2000 to provide an innovative solution to the problems of using existing ISO shipping containers for offshore lifting under guidelines adopted by the local Industry. The Hercules business strategy is based on acceptance of the Hercules concept of hiring frames as a cost effective alternative to purchasing new compliant containers.
"Hercules was successful in gaining support from the COMET programme which assisted the company establish and develop a niche market position for the frame, which has been well supported by all major players in the offshore Oil & Gas Industry. Hercules also designs and manufactures a specialised product range for equipment such as satellite dishes, gas bottles, generators and cable drums", said Mr Tom Mulchay of Hercules Offshore Lifting Gear Pty Ltd.
"In 2005 Hercules was commercialised with the introduction of outside capital through seven shareholders. This injection of capital has allowed the company to adopt a more aggressive marketing position, initiate development and increase the frame hire fleet from nine in 2005 to twenty two as at October 2008, allowing the provision of improved customer service. At the instigation of Brunei Shell Petroleum and Sarawak Shell, four frames have been exported to a Brunei agent with another four to be despatched before the end of the year", Mr Mulchay said.
"Ongoing oil & gas exploration within Australia has resulted in a very high utilisation rate. This will continue for the foreseeable future. To cater for this demand an additional eight frames will be fabricated by the end of this financial year", Mr Mulchay said.
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