$11 million to boost innovation for small businesses 

Small businesses in New South Wales have the chance to access the brightest minds in the state as part of an $11 million program to boost innovation.

The state government’s Boosting Business Innovation Program (BBIP) will see SMEs partner with Publicly Funded Research Organisations (PFROs) to improve productivity across NSW over the next four years. 

The state government’s Boosting Business Innovation Program (BBIP) will see Small and Medium Enterprises (SMEs) partner with universities and research organisations to improve productivity across NSW over the next four years.

NSW Minister for Innovation, Science and Technology Anoulack Chanthivong said the revised BBIP scheme, which now includes TechVouchers grants, is designed to connect SMEs with Publicly Funded Research Organisations (PFROs) to fast-track idea development and accelerate the rate of innovation. 

“During consultation on the Government’s Innovation Blueprint, I’ve heard directly from stakeholders that there are big barriers for businesses looking to commercialise their great ideas, and we want to make it easier,” Mr Chanthivong said.   

“NSW should be the most attractive place in the nation for businesses aligned with areas including clean energy and waste, medical and life sciences, agriculture and advanced manufacturing, to make new product developments and achieve productivity gains.  

“This program will help break down obstacles for innovators by providing improved access to research facilities, the latest technology, training opportunities and expert advice. 

“It will also fund collaborative research projects between SMEs and researchers through TechVoucher grants.” 

Of the total $11 million in funding, $7.15 million is allocated to delivery partners to subsidise the cost of providing facilities and services such as co-working spaces, business incubators, accelerator programs, start-up hubs, conferences, training, and access to leading experts. 

A further $3.85 million in TechVoucher grant funding is available to fund collaborative research projects between SMEs and researchers, with approved projects awarded 50 percent of the total eligible project costs in matched funding, up to a maximum of $50,000. 

“This program, alongside the work we are doing in developing the NSW Innovation Blueprint, will support and help accelerate the rate of innovation in NSW,” Mr Chanthivong said. 

Macquarie University Vice-Chancellor Professor Bruce Dowton said the BBIP has directly supported the development of its newly launched DeepTech Incubator.    

“The BBIP funding has been critical in supporting Macquarie University’s ability to bring our DeepTech offering to fruition,” Mr Dowton said.“In providing the high-value infrastructure that is in demand by deep tech and scaleup organisations, Macquarie University is helping New South Wales drive groundbreaking discoveries to successful commercial ventures for the benefit of Australia and the world.” 

SMEs are encouraged to reach out directly to delivery partners to discuss the program opportunities. 

For the full list of delivery partners and to learn more please visit investment.nsw.gov.au/bbip.

Photo by Testalize.me on Unsplash.

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