Apr 15, 2009

$64,000 grant awarded for local innovation

$64,000 grant awarded for local innovation

MEDIA RELEASE

The Hon Anthony Albanese MP

The Minister for Infrastructure, Transport,

Regional Development and Local Government

Leader of the House

Member for Grayndler

April 15 2009

Federal Member for Grayndler Anthony Albanese today congratulated Marrickville company Vertical Foot Alignment Systems, on being awarded a Commercialising Emerging Technologies (COMET) AusIndustry grant by the Australian Government to help commercialise its device for creating custom made orthotic inserts.

The company has developed a device that takes a corrective weight bearing cast of a patient’s feet whilst standing. Casting and realigning the foot occurs simultaneously while weight bearing.

This simple principle allows the body’s tissues to be corrected and aligned in a single, simple process. The mould produced from the device is used to manufacture an orthotic insert, which will realign the feet into the same position as when the mould was formed.

Mr Albanese said the company had taken a great idea and run with it, a decision that benefits not only the company, but the local economy.

"It is through great ideas like this that we can best combat the effects of the global financial crisis and not only survive, but emerge stronger," said Mr Albanese.

"I’m delighted to announce that Vertical Foot Alignment Systems has received a $64,000 grant to help bring their exciting product to the marketplace.

The grant will allow the company to gain advice through a COMET Business Adviser on a business plan, market research and intellectual property strategies.

Vertical Foot Alignment Systems was one of 33 Australian small businesses to receive grants totalling $2.1 million in the latest COMET funding.

For more information on AusIndustry grants, including how to apply, go to www.ausindustry.gov.au or call the hotline on 13 28 46.

Anthony with local inventor Neil Smith inspecting his Vertical Foot Alignment System, which creates custom made orthotic inserts. The system was awarded a Commercialising Emerging Technologies (COMET) AusIndustry grant by the Australian Government to help commercialise it.