CloseProof-of-Concept Fund
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The Proof-of-Concept (POC) Fund helps develop the University's intellectual property towards commercialisation.
The POC Fund aims to propel University inventions and technologies to a stage where we can demonstrate their worth to potential partners.
The fund aims to help cover the costs of developing intellectual property (IP) after you have disclosed it but before it is licensed or used to create a spin-out company. This funding is for when further development is needed to convince future investment partners of the IP’s commercial potential.
You can also use the POC Fund to secure matching funds against grant funding schemes.
Download a flyer about the POC Fund to share with your colleagues.
General information
General information
| Total POC Fund | $500 000 available |
|---|---|
| Individual investment | $10 000-$100 000 |
| Matching funding | Encouraged but not mandated |
| Project timing | Projects must be initiated within 2 months of approval and completed within 12 months of approval. |
| Application prerequisites | Any IP core to the application must have been disclosed to the University prior to application. |
Applicant eligibility
Applicant eligibility
Guidelines for determining your eligibility for applying to the POC Fund are provided below. Applicants must be University of Melbourne researchers who are well qualified to undertake the proposed project.
| Potential applicant | Eligible to apply? | |||
|---|---|---|---|---|
| Potential applicant | University of Melbourne researcher | Eligible to apply? | Yes | Researchers in all faculties are eligible to apply. |
| Potential applicant | Collaborative research – University of Melbourne + other institution | Eligible to apply? | Yes | The University must have at least 50% ownership in the IP that is core to the project. University of Melbourne researchers involved in the project must undertake more than 50% of the work. |
| Potential applicant | University start-up or spin-out company | Eligible to apply? | Typically, no. However, the POC Fund Executive Investment Committee may use its discretion. | |
| Potential applicant | University-funded CRC | Eligible to apply? | No, because the University may not own the IP. | |
| Potential applicant | Other research organisation | Eligible to apply? | No, because the University does not own the IP. | |
| Potential applicant | Previous POC Fund recipient – project extension | Eligible to apply? | Yes | The need for additional funding must be time-limited, not open-ended. |
| Potential applicant | Previous POC Fund recipient – new project | Eligible to apply? | Yes | The new project must satisfy the project eligibility requirements and the merit criteria. |
Project eligibility
Project eligibility
Please note that the POC Fund’s Executive Investment Committee will only consider applications when the IP that is core to the concept has been disclosed to the University.
Find out more about disclosing your IP.
Innovation / commercial intent
Eligible
The project is based on a novel product, process or service with the potential for commercialisation.
Ineligible
The project is based on generic research or involves ongoing base research.
IP and ownership of IP
Eligible
The IP has been disclosed to the University.
The IP creators have signed statements confirming that the IP is owned by the University.
The IP & Technology Transfer team has endorsed the technology and confirmed that:
- The University has strong ownership rights over the IP
- The University has the right to commercialise the IP
- There are no obvious ‘freedom to operate’ issues.
The novel elements of the IP are able to be protected and afford protection for its commercial potential.
Ineligible
The IP has not yet been disclosed.
The IP was not developed by an employee of the University or is not owned or co-owned by the University.
The IP & Technology Transfer team has significant doubts regarding the IP’s novelty or the freedom to operate.
Use of funds
Eligible
The project requires funding for expenses (internal or external) covering:
- Prototype development and/or validation
- Technology scale-up and/or validation studies
- In vivo proof-of-concept studies in relevant disease models for therapeutic opportunities
- Software coding and documentation to enable field trials or alpha/beta testing
- External advice on IP, market, business planning, technical and/or competitive analysis to support the commercial potential of the opportunity
- Economy travel
- Contract staff employed for a specific purpose.
Ineligible
The project requires funding for expenses (internal or external) covering:
- Staff payments that would otherwise have been paid by the University
- Patent application or prosecution (the University has other funding sources available for this)
- Marketing or promotion
- Conference participation
- Non-economy travel
- Purchase of equipment for general usage
- Staff payments (for start-up or spin-out company).
Technical maturity / proof-of-concept applicability
Eligible
Research undertaken to date supports the underlying concept of the project.
A proof-of-concept activity (such as prototype development and testing) is the logical next step.
The planned activity has a clearly defined deliverable that is intrinsic to proof-of-concept.
Ineligible
The underlying concept of the project is supported only by basic research.
More fundamental research is required before proof-of-concept activity.
The planned activity is basic research, not proof-of-concept.
Merit criteria
Merit criteria
Guidelines for assessing the relative merit of an application are provided below. Apart from finding matching funds (which is desirable but not mandatory), the application should rate well against all other criteria if it is to be selected.
Need for funds
Scores well if:
No other viable source of funding is available (or can be obtained in a reasonable time) to reach the project’s outcome. Matching funds are required under a grant application. The project team has made efforts to seek funding from alternative sources.
If it is unreasonable to source funding from alternative sources, the application explains why.
Scores poorly if:
The application provides no evidence that alternative sources of funding have been considered.
Matching funds
Scores well if:
Matching funds are available if the POC Fund invests.
Scores poorly if:
No other funding source is available.
Application / value proposition
Scores well if:
The technology has clear commercial application(s).
The technology has significant technical and/or commercial advantages over existing technologies or fulfils an unmet need.
There is commercial interest in the technology (e.g. letter of support, or funds offered).
Scores poorly if:
The technology has no clear commercial application(s).
Other technologies have the capability to provide a similar benefit. The technology offers only a marginal improvement on what currently exists in market.
The value proposition is not compelling.
There is no demonstrable commercial interest in the technology.
Addressable market
Scores well if:
The target market is large and clearly defined, and this assessment is supported by credible data.
There are no obvious and significant barriers to market entry.
The proposed product or service sits within existing or potential regulatory frameworks.
Scores poorly if:
The target market is niche.
There are high barriers to entry.
The regulatory position is uncertain.
Execution plan
Scores well if:
The project has a preliminary plan that describes the development and commercialisation pathway.
Scores poorly if:
The project lacks development and commercialisation planning.
Team & management capability
Scores well if:
The project team has the expertise and capacity needed to deliver the next stage of the project and commercialisation.
The project has the potential to transition to a spin-out business.
Scores poorly if:
The team does not have demonstrable expertise or capacity to deliver the project.
National benefits/potential impact
Scores well if:
The project falls within one of the industry growth sectors identified by the Australian Government:
- Advanced manufacturing
- Food and agribusiness
- Medical technologies and pharmaceuticals
- Mining Equipment, Technology and Services
- Oil, Gas and Energy Resources.
The project otherwise has potential wider benefits to society that are clearly articulated.
Scores poorly if:
The societal benefits of the project are not clear.
Call for projects
Call for projects
The University of Melbourne’s Research, Innovation and Commercialisation (RIC) office is calling for applications to the POC Fund. All applications are reviewed by the Fund’s Executive Investment Committee (EIC).
Teams within RIC will help you prepare an application that meets the POC Fund’s eligibility requirements for applicants and projects.
The application process
The application process
Contact your Business Development team member. When they’re aware of your IP, discuss whether an application to the POC Fund is a sensible next step.
Your Business Development team member will share the application form with you.
Complete the application form. There is a section for your Business Development team member to complete as well.
When your application has been signed by the lead researcher and Business Development team member, submit the form to the IP & Technology Transfer Services team.
The IP & Technology Transfer team will collate and present applications to the Fund’s EIC on a monthly basis.
The monitoring process
The monitoring process
Funding is tied to reporting obligations and will be released in tranches tied to milestones where appropriate.
The Finance team manages monitoring and progress reporting. When an application is successful, a Business Development team member will be nominated as the contact point for the Finance team.
How you can use the Fund
How you can use the Fund
The goal of the POC Fund is to help get University of Melbourne IP, inventions and technologies to a state where we can demonstrate their worth to potential commercial and other external parties.
You can use the POC Fund to match other commercialisation grants. We encourage you to do this. For instance, the POC Fund can be used to match the Australian Government’s Accelerating Commercialisation grants.
The POC Fund isn’t designed to produce financial returns. You don’t have to repay the money, unless you don’t spend it in an approved way. (You’ll be required to report your spending.)
Other funding sources
Other funding sources
The IP & Technology Transfer Services team can help you identify other funding opportunities and manage communications with the following groups. We encourage you to contact the team before you approach other funding sources.
Talk to us
Talk to us
General questions
If you have a general question or don’t know who to talk to, get in touch with us and we’ll point you in the right direction.
Email us
Find a contact
Our local Business Development team members and central IP and Tech Transfer services team are here to help.
Business Development team
IP & Tech Transfer Services team