The Biosciences Fund (BioSF) is a $40 million (providing up to $10 million each year) competitive technology development and commercialisation grant program. This aims to support innovation and business development in emerging, high-value sectors where NSW has a competitive advantage.
Deadlines and Timings
Applications are open and will close on 20 March 2023. Shortlisting of applicants will happen on April to June, with invitations for full applications to be sent out sometime July 2023.
Overview and Grant Amount
The objective of the BioSF is to progress new and innovative devices and systems towards commercialisation within NSW across the branches of the biological sciences (biotechnology and life sciences), including biomanufacturing, genetic engineering, synthetic biology, and agrifood.
- enable local business collaboration
- educate, inform and empower small businesses
- support small businesses to build digital capability
- help members transition into recovery and restart
The grant funding under the BioSF will be provided for projects ranges between $200,000 and $2 million.
Eligibility and Criteria
To be eligible for the BioSF, applicants must be based and headquartered in NSW3 and be one of the following:
- an incorporated company that has an Australian Business Number (ABN)
- an Aboriginal and/or Torres Strait Islander Corporation
- an individual or partnership who agrees to form a company under the Corporations Act 2001 (Cth) so that DEIT can enter into a legally binding Deed of Agreement; or
- a NSW public research organisation applying through its appropriate technology transfer office or the Chief Executive Officer (or equivalent) of the research organisation that will become a separate entity before entering into a legally binding Deed of Agreement with Department of Enterprise, Investment and Trade (DEIT)
Applicants must hold the Intellectual Property or the rights to commercialise the device/system/innovation. Joint applications between a business entity and research-based organisations (including universities) are encouraged. However, the business entity must lead the project and submit the grant application. The lead applicant (the business) must outline clearly in their application who the project partners are and how each partner will contribute to achieving the objectives of the project proposal. If a joint application is successful, the Deed of Agreement will be between the lead applicant and the NSW Government.
The project must:
- have a maximum project period of two years (unless there are exceptional circumstances). Projects will require clear and achievable milestones (e.g., moving from technology readiness level or TRL 3 to TRL 4) to support appropriate staging and monitoring
- seek to progress an innovation along the commercialisation pathway
- have an existing prototype/proof-of-concept
- be TRL 3-7 on the TRL scale
- demonstrate why sufficient funding for the entire project cannot be accessed from alternative sources and that the project would not proceed at the proposed scale in NSW without government support
Applicants eligible for funding from NSW Medical Devices Fund, Physical Sciences Fund (PSF) or any other Government grant program for the same outputs and/or outcomes are not eligible for the BioSF, as the program is focusing on a different segment of the biological sciences market.
The BioSF funding can be used for:
- prototyping and development of product
- manufacturing and/or scaling
- conducting market research, testing and trials
- regulatory approvals and other relevant certifications
- salaries and access to external expertise that is directly related to delivery of the project
- commercialisation strategies and commercial feasibility studies
- project consumables directly related to delivery of project outcomes
- specialist equipment and/or infrastructure necessary to progress the project
- intellectual property protection or advice
Examples of ineligible activities for funding
- solutions designed to improve internal business processes
- general business costs including sales, marketing, rent and travel
- project costs that are already the subject of another government grant, subsidy or financial assistance
- project costs incurred prior to an application being submitted (no retrospective funding will be awarded)
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