The government of New South Wales (NSW) in Australia has launched a $40 million fund to support innovative start-ups in the biosciences industry.
The fund is aimed at fostering the growth of new companies in the sector to drive economic development and create jobs in the state.
The funding will be used to support research and development, commercialisation, and the growth of early-stage bioscience companies. This move is expected to attract further investment, talent and innovation in the bioscience field in the state.
The BioSF, or Biosciences Fund, is a new initiative launched by the NSW Government to support innovative startups in the biosciences industry.
The fund, worth $40 million, will be used to invest in and support companies working on projects that align with the state’s Industry Development Framework. The framework identifies three priority industries for the state: agriculture/agrifoods, medical and life sciences, and clean energy and waste.
In order to be eligible for funding, companies must demonstrate that their project targets one of these three priority industries and aligns with specific technology applications outlined in the 20-Year R&D Roadmap.
This roadmap is a comprehensive plan for research and development in the state, and it outlines the technology applications that the government believes will be most important for the state’s growth and development in the coming years.
By aligning with the roadmap, companies can ensure that their project is well-suited to the needs and priorities of the state and that it has the greatest chance of success.
Minister for Science, Innovation and Technology Alister Henskens said the Biosciences Fund (BioSF) provides a platform for NSW’s best minds and most agile new businesses to solve pressing issues in areas such as health and the environment.
“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,” Mr Henskens 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 that create new jobs and industries that will help secure a brighter future for NSW.”
NSW Chief Scientist & Engineer Professor Hugh 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,” Professor Durrant-Whyte said.
The BioSF is funded under the NSW Government’s landmark Future Economy Fund.
More details at www.chiefscientist.nsw.gov.au/nsw-biosf.