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Date: 04 September 2009 

Investment boost for bluebox Proof of Concept fund

Innovative QUT research will be able to progress from concept to commercialisation more smoothly with the help of the latest boost in State Government funding for the bluebox Proof of Concept fund.

The Queensland Government announced yesterday it would provide the fund with $375,000 per year.

The bluebox Proof of Concept fund helps unlock the commercial potential of QUT research, assisting researchers in bringing their innovations, technologies, products and processes to the point of commercialisation.

Yesterday, Treasurer and Minister for Employment and Economic Development Andrew Fraser, announced that bluebox was named as a successful recipient under the Proof of Concept component of the Smart Futures Fund.

Mr Fraser said the yearly funding would help speed up progress from concept to commercialisation.

"This will help to bridge the gap that stops great ideas progressing from the laboratory bench to a stage where they are attractive to the private sector funding to carry them through to the market place," he said.

bluebox Chief Executive Officer Michael Finney said the funding demonstrated confidence in QUT's ability to produce real-world research with significant commercial outcomes.

"The investment from the Queensland Government will help to accelerate the development of promising QUT research projects, enabling them to advance towards commercialisation, and ultimately adoption by industry and the community," said Mr Finney.

The bluebox Proof of Concept fund offers investment funding to QUT researchers to facilitate the progression of commercially-relevant projects to proof-of-concept.

Further information is available from the bluebox website (www.qutbluebox.com.au/tech_com/researchers/pocfund.jsp).

The Queensland Government Smart Futures program is a reinvigoration of the Smart State Innovation Funds, and is focussed on supporting researchers in world-class research institutes, furthering collaboration and the application of research in industry, government, and the community to lift economic, social and environmental outcomes.

For more information, contact: Sarah Goodman, Marketing and IP Coordinator on
07 3138 9413 or s.goodman@qutbluebox.com.au
or Sharon Thompson, QUT media officer - 3138 4494 or sharon.thompson@qut.edu.au