Having gone through a similar DPI process, they shortlist many companies/parties. The reason: they assess the success of the grant programs by the amount of applications they receive. Crazy, I know.
As with ESI, we spent many months of labour time applying and going through the tedious process only to realise we probably shouldn't have been short-listed in the first place.
In the end, its nothing more than a huge, time wasting distraction for many unsuccessful applicants. In ESI's case, they would have been better off forging on alone. Ironically, a government fund to fast track technology commercialization ends up slowing it down for many of the unsuccessful applicants; the lowest risk (read: biggest) successful applicants probably didn't need the money anyway.
Much of the DPI's over-bureaucratic approach is the result of not wanting to appear to 'pick winners', although that is exactly what they are doing. In ESI's case, much of their recent activity has been directed towards meeting criteria. The India connection ticked the 'export potential' box. The Lind financing, the 'leverage ratio' box. When you dangle large pots of money in front of capital starved companies, the game becomes one of meeting government criteria (by lining up partners who will only proceed if the application is successful) rather than pursuing commercial goals in the most efficient manner possible. I say this because both the India connection and the Lind finance might evaporate now.
The DPI need to take a different approach to prevent wasting so many peoples' time and money. Perhaps they should just admit they are trying to pick winners, get an expert panel together to recommend the best technologies for whatever they are trying to achieve and then INVITE 2-3 companies to submit applications. The way its done now seems to slow innovation for the unsuccessful applicants more so than funds flowing to successful applicants fast track innovation.
In the coming days/weeks, we will see whether the India connections and Lind finance were any other than for the purposes of acquiring ALDP funding.
ESI Price at posting:
0.6¢ Sentiment: None Disclosure: Held
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