The Australian Government recently launched a new grant opportunity that aims to target a number of regulatory challenges it currently faces. The Business Research and Innovation Initiative (BRII) identifies four regulatory technology (or, RegTech) challenges that innovative tech companies are incentivised to solve.
A total of $10 million is being allocated to addressing the issues. Successful applicants will initially receive up to $100,000 to develop and test their unique ideas over 3 months in a feasibility study. Of these successful applicants, the most promising will receive a further grant of up to $1 million to develop a prototype over 15 months.
The four challenges are:
- Using technology for a streamlined path to marine autonomous systems assurance.
The Australian Institute of Marine Science (AIMS) is seeking an approach that standardizes how new marine robotics and autonomous systems with artificial intelligence (RAS-AI) are tested and evaluated. This approach must be shaped to adapt to the dynamic nature of RAS-AI and must apply novel data, analysis, and intelligent decision-support technologies. The current regulatory framework struggles to keep up with these emerging technologies and hinders the RAS-AI sectors growth and development. A standardised regulatory solution for RAS-AI has the capacity to fast-track development of future projects and be an international gamechanger.
- Using technology for real time and accurate asbestos testing.
The Asbestos Safety and Eradication Agency (ASEA) is seeking innovative technologies that can reliably test for asbestos on site. The overall objective of this initiative is to deliver a new system that streamlines the management and detection of asbestos; as current testing methodologies are often time-consuming and involve aggravating the hazardous material. Solutions can either be brand new, build off existing technologies, or a combination of both.
The scope for innovation for this project is wide as there is currently a major gap in the market, and there is potential for commercialisation on a national and international scale.
- Using technology to help identify and assess potential poor disclosure by listed companies.
The Australian Securities and Investment Commission (ASIC) is seeking a technological solution to analyse and monitor market announcements from listed companies to flag and identify poor market disclosure. This technology would replace hours of onerous manual assessment to produce a more conclusive and efficient approach to disclosure compliance. This solution will improve market integrity as well as reduce the burden on listed companies by reducing the time it takes to meet their compliance standards.
- Using technology for remote and automated monitoring of export livestock health and welfare.
The Department of Agriculture, Water, and the Environment (DAWE) is seeking a technological approach to effectively monitor the real-time welfare and health of livestock as it is being exported. This automated and remote approach would overhaul the current manual repetitive approach that often results in data of varying quality and accuracy. This technology would facilitate enhanced livestock management by producing regular and reliable updates.
Applications for the Business Research and Innovation Initiative are currently open and close 3 June 2021 at 5pm AEST.
More information and eligibility criteria can be found at: Business Research and Innovation Initiative (BRII) – Regulatory Technology Round | business.gov.au