Four finalists have progressed onto the feasibility study stage of the joint AUSTRAC-ACIC challenge in the Business Research and Innovation Initiative (BRII) program, which forms part of the National Innovation and Science Agenda.
The following four start-up businesses have each received up to AU$100,000 to test the feasibility of their ideas over the next three months for the joint agency challenge, ‘Tracking the effect and value of information products’.
Australia’s financial intelligence agency, AUSTRAC, and the Australian Criminal Intelligence Commission (ACIC), created the joint agency challenge to enhance the quality and value of actionable intelligence that both organisations provide to law enforcement, national security, justice sectors and industry partners around Australia and overseas.
‘Tracking the effect and value of information products’ allows industry to contribute innovative solutions that help solve the two agencies’ operational challenges. The winning industry application can then have the opportunity to generate commercial income for their idea.
Congratulating the four finalists, AUSTRAC CEO Paul Jevtovic said the joint agency challenge aims to provide a win-win outcome for government and industry.
“AUSTRAC’s expanding private-public initiatives generate greater volumes of intelligence information being collected, analysed and shared with partner agencies and industry,” said Mr. Jevtovic.
“Our joint agency challenge provides an opportunity for government and industry to co-design information systems and practices using the latest technology and innovation. A key outcome is to share and exchange actionable and close to real-time financial intelligence and information with our partner agencies and industry.”
ACIC CEO Chris Dawson said, “the work of agencies like the ACIC and AUSTRAC is increasingly demanding, and this project will enable us to sharpen the value and quality of intelligence products by capturing user feedback, sharing insights, tracking and evaluating the usage of information and enhancing security features and records management.”
The AU$19 million BRII Challenge programme, running between 2016 and 2018, provides grants of up to AU$100,000 for the feasibility testing. Applicants may then apply for grants of up to AU$1 million to develop a prototype or proof-of-concept over a period of up to 18 months.
Read the media release here.