The NSW government is offering to new funding schemes to help startups commercialise ideas to address impacts of Covid-19.
The new $6 million R&D Fund targets innovative products developed by NSW businesses. Proposals to scale R&D products will be assessed by a panel of judges with expertise in commercialisation, venture capital, academia, government and industry.
The COVID-19 edition of TechVouchers, valued up to $25,000 and $50,000 per business, will enable more companies to innovate through access to expertise and equipment at publicly funded research organisations such as universities, CSIRO, and ANSTO.
Investment minister Stuart Ayres said the two programs would be delivered by Investment NSW and are focused on addressing the impacts of the pandemic across the state.
“Stimulating research and development (R&D) to leverage tech innovation to address the health and economic impacts of COVID-19 will help create a resilient, post-pandemic economy,” he said.
“This investment in R&D encourages collaborative projects to design or validate products, complete product testing and certification, enhance existing product capabilities, or facilitate entry into international markets.”
The minister said the TechVouchers can be used to reduce the cost of access to research facilities and equipment like electron microscopes and medical imaging, fund toxicology studies, or produce laboratory prototypes.
“Successful TechVoucher projects will not only enable greater engagement between businesses and researchers but will give both parties more opportunity to access additional grant programs to reduce commercial risk for businesses and underpin funds raised by businesses,” he said.
Two TechVoucher funding streams are available: one targeting smaller projects up to six months duration, offering up to $25,000 to eligible businesses. The other is for larger projects up to 12 months duration, offering up to $50,000.
TechVoucher applications are now open.
The R&D Fund competitive grants range between $250,000 to $1 million and will open for applications later in August
Details on the guidelines, eligibility criteria and the application process are available here at business.nsw.gov.au.
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