[Maxious]

The startup grant program was this one: http://www.commercialisationaustralia.gov.au/WhatWeOffer/Ear...

Terms in that program are you have to match the government funding 1:1 so they must have (or raise within 2 years) $2mil to put against the government's. They also have to pay it back "on success" (5% of revenue once that reaches 100k total) and are monitored closely for "fast failure" (they are expected to succeed and repay within 2 years, they have to repay even if they fail after 5 years). Euclideon claims to have had a 2010 funding round so maybe that's how they got into this program. It also says this program is not to be used to "Prove to the applicant that a certain technological problem can be overcome (R&D projects)" so they must have shown it as a viable product that just needs to be packaged up for sale.

What strikes me most is anything under a Commonwealth funding agreement has to have the words "Funded by Australian Government through the XYZ Program. An Australian Government Initiative" in all their promotional material. Yet the shining star of Commercialisation Australia's portfolio forgot. Ouch.