Providing up to $10 million each year for 4 years, the NSW Biosciences Fund (BioSF) is a competitive technology development and commercialisation grant program that provides individual grants of $200,000–$2 million to companies with innovative technologies, devices and systems in biotechnology and life sciences, biomanufacturing, synthetic biology, and agri-food.
Providing up to $10 million each year for 4 years, the NSW Biosciences Fund (BioSF) is one of three competitive technology development and commercialisation grant programs within the Commercialisation Pathways Program — the Physical Sciences Fund (PSF) and Quantum Computing Commercialisation Fund are the other two funds. The BioSF is modelled on and will complement the PSF.
Round 1 of the BioSF, which is open for preliminary applications till 20 March 2023, provides grants valued 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.
BioSF Projects must be for a maximum of 2 years, and must align with one of the three Priority Industries listed in the NSW Industry Development Framework — Agriculture and agrifood; Medical and life sciences; or Clean energy and waste — as well as one of the technology applications identified in the NSW 20-Year R&D Roadmap:
- Genetic Engineering
- Synthetic Biology
- Personalised Medicine
- Cell-based meats
- AgTech
- Sustainable Fuels
- Power to X
- Renewable generation
- Environmental monitoring and management
- Robotics
- AI
- Pharmaceuticals and nutraceuticals
- Circular Economy
- Novel Fertilisers
- Vaccines.
Innovative devices/systems within Technology Readiness Level (TRL) 3–7 are the target of the BioSF, and the idea is to help companies move their product along the TRL scale and commercialise their idea so that they can then attract large-scale private investment.
Examples of what BioSF funding can be spent on include:
- prototyping, manufacturing, and/or scaling of your product;
- conducting market research, testing, and trials;
- regulatory approvals and other relevant certifications;
- salaries and access to external expertise directly related to delivery of the project;
- commercialisation strategies and commercial feasibility studies;
- specialist equipment and/or infrastructure necessary to progress the project;
- fees for IP protection.
If your project is eventually funded by the BioSF and achieves a specified level of economic success, you will be required to repay the grant (terms will be agreed upon as part of contract negotiations).
Applications for the BioSF will be on a yearly basis, till 2026. The preliminary application period for Round 1 of the BioSF closes 20 March 2023. Shortlisting of applicants will then occur followed by invitations for full applications, after which final interviews will be conducted, and funding recipients will likely be announced around October/November 2023. More information (including Guidelines and the online Application form) can be found at the NSW BioSF website.
If you’re an innovative New South Wales business and want the best advice to keep moving onward and upward, contact Fullstack Advisory so you can leverage our expertise and knowledge of all the grants, incentives, rebates, and other opportunities available.
