Local Business receives grant to help solve technology challenge (9.09.2014)
Written on the 9 September 2014
The Member for Southern Metropolitan Region, Ms Georgie Crozier MP has announced that a local company in the Oakleigh electorate, Hydrix has received a grant for $75,000 in the first round of the Victorian Coalition Government’s Driving Business Innovation program.
Hydrix will work with Monash Health to investigate the development of a cost effective device designed to provide artificial heart function for at-risk cardiac patients.
“I would like to congratulate Hydrix for winning feasibility study funding and wish it every success with its proposed technological solution,” Ms Crozier said.
Funded in the 2013 State Budget, the $16 million Driving Business Innovation program provides financial support for small to medium businesses (SMEs) to partner with a government agency to co-develop a new product or service in response to a particular technology challenge.
Successful SMEs are granted $75,000 to undertake a feasibility study into their proposal, which will then be assessed for a potential grant of up to $1 million to develop a proof-of-concept prototype.
“Hydrix is one of ten companies that have been awarded feasibility study grants for proposing solutions to challenges in areas including water, waste management, health and agriculture,” Ms Crozier said.
“The applications were formally assessed against program selection criteria by the Victorian Government agencies responsible for each technology challenge.
Feasibility study outcomes will be delivered later in 2014 then assessed for further proof-of-concept and commercialisation support.