Twelve months ago, NXT TEC. Ltd. (NXT) was awarded a significant grant from the Federal Government’s Accelerating Commercialisation Programme, a key offering under its Entrepreneurs Programme.
The Programme itself assists Australian entrepreneurs, researchers and inventors address the various challenges we face when trying to commercialise novel intellectual property. It provides funding to a small selection of companies each year that have developed scalable business models and unique products and services that have the ability to be applied globally.
The grant is highly competitive, as you can imagine, with so many innovative businesses in Australia looking to take their products and services further afield and actualise their ideas. It truly enables companies to prove the viability of their products and, for us, it’s fast-tracked our entrance into international markets.
When NXT was awarded a grant, it was the first time a building technologies solution had achieved this recognition from the Australian Government, which is something we are very proud of.
As a result of the funding we received, we’ve been able to accelerate the global commercialisation of the NXT™ Building System via the development of the Wyndham LUX Perth Hotel, which will wholly utilise the NXT™ Building System.
Further to this, in the past 12 months, NXT has:
Conducted significant, rigorous testing to demonstrate the sustainability of the NXT™ Building System which has shown extremely positive results;
Presented at international innovation summits; and
Secured contracts with domestic and international project owners.
It’s been a big year to say the very least. The support of the Australian Government through the Accelerating Commercialisation grant, and its ongoing relationship with NXT, validates the importance and viability of continuously innovating to revolutionise the construction sector. Together, with the backing of the government, we’re simply building tomorrow.