Biotechnology Innovation Fund - draft guidelines released

The Biotechnology Innovation Fund (BIF) is a new Commonwealth Government program, supported by the National Biotechnology Strategy and the innovation statement Backing Australia's Ability, which aims to increase the rate of commercialisation of Australian biotechnology ventures by reducing the cost of demonstrating `proof of concept´ for new biotechnology initiatives.

The program aims to address the critical gap between the research and commercial stages of development, where it can be difficult for companies to source funds to prove the viability of a new concept. By part funding technical testing and product analysis at this pre-seed stage, the program aims to increase the flow of Australian biotechnology projects proceeding to commercialisation.

Where applications meet the program´s eligibility criteria, BIF will fund up to 50% of the costs of establishing proof of concept, to a maximum individual grant of $250,000.

Draft guidelines are at: Biotechnology site

Item provided courtesy of Science Industry