Million-dollar challenge to improve water market information
Grants of up to $1 million are up for grabs for small and medium-sized businesses as part of the Australian Government’s Business Research and Innovation Initiative (BRII) programme.
Improving participation in Australia’s water market is one of five challenges currently on offer.
Assistant Secretary of the Water Acquisition and Markets Branch of the Department of Agriculture and Water Resources, Mary Colreavy, said that the Australian Government was calling on eligible businesses to provide a technical solution to improve the transparency and reliability of information about Australia’s water market.
“Understanding Australia’s complex water market can be challenging. Currently there are numerous sources of information about water trading and water markets available online, and there are also a number of entities involved in authorising, processing and/or regulating a trade,” Ms Colreavy said.
“This means a prospective buyer or seller of a water right may need to check a number of different sources of information to make a well-informed trading decision.
“We want to make it easier for irrigators and others to find all the information they need in one place.
“We’re hoping for solutions that will utilise emerging digital platforms to improve the ease of access to water markets, increase market participation, improve community confidence in Australia’s water markets and also better assist in sustainable management of water resources.
“The best proposals for the challenge will receive grants of up to $100,000 to test the feasibility of their ideas over three months. If the tests are successful, the grant recipients may then go on to apply for up to a further $1 million to develop a prototype or proof of concept.
“Funding of up to $1.1 million will be available for the business that can offer the best solution, along with retention of intellectual property and the right to commercialise the idea in Australia or overseas.
“I strongly encourage any interested business to get involved and submit their proposal to address this challenge by 30 November.”
Information sessions are being held in capital cities across Australia from 11 to 26 October.For more information, please visit www.business.gov.au/brii