NSW Govt launches biosciences, quantum funds for startups

Startups are set to be supported to develop and commercialise problem-solving products, devices and systems in the biological sciences space under a new $40 million NSW Government program.

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,” 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.”

The BioSF will consider applications that target one of the three priority industries identified in the NSW Industry Development Framework — agriculture/agrifoods, medical and life sciences, and clean energy and waste — while also aligning with specific technology applications outlined in the 20-Year R&D Roadmap. NSW Chief Scientist & Engineer Professor Hugh Durrant-Whyte added that 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,” Durrant-Whyte said.

Further information, including guidelines and an online application form, can be found here. Applications close at 5 pm AEDT on 20 March 2023.

The news comes shortly after Henskens announced that quantum computing startups and deep-tech companies will be supported to advance their innovations through the NSW Government’s new $7 million Quantum Computing Commercialisation Fund.

“Our 20-Year R&D Roadmap recently identified our world-class quantum ecosystem as an area of competitive advantage, and we want to help our state flourish in this area to create new jobs and industries which will grow the economy and help secure a brighter future for the people of NSW,” Henskens said.

“This fund will target both startups and existing deep-tech companies to ensure that innovative projects are accelerated towards commercialising quantum computing, maintaining our momentum and reinforcing NSW’s position as a global quantum centre of excellence.”

Durrant-Whyte said the fund would support companies with quantum computing hardware or software within Technology Readiness Level 3–7, to help them develop their technology and attract large-scale private investment. He said that quantum technology is already revolutionising many aspects of our society and economy, stating, “The quantum technology industry has the potential to generate up to $4 billion in revenue and create 16,000 jobs by 2040.”

Further information, including guidelines and an online application form, can be found here. Applications close at 10 am AEDT on 2 February 2023.

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