Intelligence products improved via grants to start-ups
Four start-up businesses have been selected as finalists in the AUSTRAC-ACIC Business Research Innovation and Initiative program.
Each of the businesses, including Atraxium, Avinium, GoSource and Houston Kemp, have received up to $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 agency’s operational challenges. The winning industry application can then have the opportunity to generate commercial income for their idea.
“AUSTRAC’s expanding private-public initiatives generate greater volumes of intelligence information being collected, analysed and shared with partner agencies and industry,” said AUSTRAC CEO Paul 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.”
“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,” said ACIC CEO Chris Dawson.
The $19 million BRII Challenge program, running between 2016 and 2018, provides grants of up to $100,000 for the feasibility testing. Applicants may then apply for grants of up to $1 million to develop a prototype or proof of concept over a period of up to 18 months.
The program forms part of the National Innovation and Science Agenda.
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