Mandurah-based developers have been given a boost to go global, thanks to a $519,245 innovation grant from the federal government.
Segnut Pty Ltd has developed a faster, safer fastening system with significant potential for the global industrial market. The nut design consists of an inner section with three segments, held captive by an outer sleeve. When the outer sleeve is turned in the tightening direction, the Segnut releases from the bolt and falls away.
“An innovative product like this is further evidence of the good things coming out of the Peel region,” Mr Hastie said.
“Segnut’s design is significantly safer for workers doing heavy industrial maintenance as it eliminates the need for oxy-cutting and other dangerous equipment. The increased efficiency it offers to maintenance will also mean significant savings for business.”
Segnut is one of eleven businesses to be offered $5 million in commercialisation grants announced by Assistant Minister for Industry, Innovation and Science Craig Laundy under the Accelerating Commercialisation element of the Australian Government’s Entrepreneurs’ Programme.
“These grants will help the recipients to conduct commercialisation activities, proving the viability of their products, processes or services and preparing them for domestic and international markets,” Mr Laundy said.
“The businesses will also back themselves by matching the grant funding dollar-for-dollar, and the programme’s experienced Commercialisation Advisers will help them navigate this often challenging stage of product development.”
“Accelerating Commercialisation grants have already supported hundreds of projects across a wide range of industry sectors, and with Australian Government support, many are already achieving success in global markets.”
To date, the Entrepreneurs’ Programme has provided 264 businesses with commercialisation grants totalling $133.6 million.