The NSW government has launched a new $40 million fund to back bioscience startups.
The Biosciences Fund (BioSF) comes just days after the state government announced $7 million quantum computing commercialisation fund, and backing for the Techstars accelerator program to set up at Tech Central in Sydney.
Science, innovation and technology minister Alister Henskens said the Biosciences Fund (BioSF) will support startups to help them develop and commercialise problem-solving products, devices and systems in the biological sciences space.
“This new program will provide financial and entrepreneurial support for startups developing cutting-edge technologies, helping navigate the often difficult transition between early-stage development and commercial success,” he said.
“The $40 million fund will boost the NSW Government’s support of innovative researchers, startups and entrepreneurs in the biological sciences space over the next four years, and is modelled on our highly successful Physical Sciences Fund.
“We want to foster fresh ideas and innovations that will address challenges in energy, health, the environment and waste, and grow successful businesses.”
The BioSF will consider applications that target one of the three priority industries identified in the NSW Industry Development Framework, while also aligning with specific technology applications outlined in the 20-Year R&D Roadmap.
BioSF Round 1 provides grants of between $200,000 and $2 million to companies with innovative technologies, devices and systems in areas including biotechnology and life sciences, biomanufacturing, synthetic biology and agri-food.
Like the quantum fund, it’s being run out of the office of NSW Chief Scientist & Engineer Professor Hugh Durrant-Whyte
Prof Durrant-Whyte said the BioSF will build on areas where NSW has a competitive advantage.
“This fund will support projects across the branches of the biological sciences including exciting and relatively new fields such as biomanufacturing, genetic engineering, synthetic biology and agrifoods,” he said.
Details on BioSF are available at chiefscientist.nsw.gov.au/nsw-biosf.