Five Canberra based businesses have been successful in receiving $170,000 in funding to develop their start-up products and services through the recent round of Innovation Connect grants.

The successful grant recipients are:

* Stalkthis Pty Ltd - awarded $50,000 for the development of a retail product that combines the functions of a wish list, shopping basket, advertising platform and social media forum into one tidy account.

* Kord Defence Pty Ltd - awarded $30,000 for the development of a generic cable assembly for connecting the Kord Rifle Input Control to different weapon platforms and electronic devices.

* Trade-Up Pty Ltd - awarded $50,000 for the development of a marketable proof of concept of the Trade-Up software system based on the masonry trade.

* Reasonwell Pty Ltd - awarded $30,000 for the development of an innovative online platform for collaborative debate and deliberation.

* Dr Frydoon Far - awarded $10,000 for the trial of an innovative method for the harvesting of blood extracts.

Under the program, grants of up to $50,000 are provided to assist business to develop their start-up products and services through commercialisation pathways. Successful applicants are required to contribute at least dollar for dollar to the grant they receive.

Canberra is home to a great variety of innovative and forward-thinking businesses. Since the program was established in 2008 a total of 93 local businesses have been awarded funding support of about $2 million.

The ACT Labor Government recognises that innovation is the foundation of economic growth and competitiveness, and we are committed to positioning Canberra as an innovation hub into the future.

In April, I launched the ACT Labor Government's new business development strategy, which has as both its name and overall goal Growth, Diversification and Jobs. The Strategy includes a number of extensions to the Innovation Connect program.

This includes the allocation of additional funding to a new stream for clean technology and sustainability oriented companies, and the establishment of a new stream to provide ACT Government co-funding for major proposals focused on the development of innovation infrastructure.

Further information on the Innovation Connect program is available at www.business.act.gov.au/icon.

18 August 2012