The NSW Government is joining forces with Innovation District Partners, including the Australian Catholic University (ACU), to identify innovative businesses for grants under the Boosting Business Innovation Program.
This year’s Boosting Business Innovation Program supports businesses which are accelerating the commercialisation of research products to address the many disruptions caused by the COVID-19 pandemic.
Innovation district partners will identify businesses with connections within their area, either through research relationships or physical location, that are potential products or services that address the challenge statement to commercialise their product or service.
“ACU’s expertise in a multitude of areas can be drawn upon to support commercialisation and scaling processes where required,” said an ACU spokesperson.
“The ACU innovation district encompasses the geographic footprint including our three Sydney campuses (North Sydney, Strathfield, Blacktown), also our extensive external industry network.”
The program will deliver three rounds of challenges supported by the NSW Treasury and its 12 partner institutions including ACU.
The first challenge, which is for health and wellbeing solutions that reduce the impact of COVID-19 on the people of NSW, has been released and is open for applications till 1 November 2020.
ACU will nominate three finalists from its innovation district to compete with 36 finalists from each of the 12 innovation district partners.
An independent panel will rank the 36 finalists against three criteria: impact, effectiveness, and delivery. The top 15 ranked businesses of the 36 finalists will receive a grant to accelerate the commercialisation of their products.
The total funding pool for the grant available for the first challenge, is $500,000 with the highest-ranked applicant to receive $250,000.
ACU is conducting an Expression of Interest process for eligible businesses, which includes having some affiliation or partnership with the university.
Businesses can submit an Expression of Interest through to ACU subject to eligibility check through NSW Treasury.
Full details of the challenge and how to apply, visit acu.edu.au.