The Publicly Funded Research Organisations (PFROs) that have been chosen will receive $11 million from the NSW Government over a four-year period to support their efforts in creating initiatives that improve the conversion of top-notch research into commercial success.
Boosting Business Innovation Program Objective
The Program’s goal is to facilitate the development of new products and services by transferring knowledge and ideas into new products and business growth.
The three primary goals of the program are:
- Enhance cooperation between researchers at PFROs and SMEs by providing financial support for relationship-building initiatives.
- Equip researchers, university staff, students, and company owners with innovative and entrepreneurial abilities as well as the ability to translate knowledge.
- Assist creative SMEs and university research in their commercialisation efforts.
TechVoucher Scheme
Funding for collaborative research projects between SMEs and researchers is available through the $3.58 million TechVoucher grant program. Projects that are approved will receive match funding equal to 50% of the total eligible project expenditures, up to a maximum of $50,000.
Who is eligible to apply?
To be eligible, your business must:
- have an ABN registered in NSW and be based in NSW
- employ fewer than 200 employees, as defined by the Australian Bureau of Statistics, at the time of application
- not be a subsidiary of a revenue generating business locally or overseas. If part of a group, the parent company or entity must apply on behalf of the consolidated entity and meet all eligibility requirements
- not be owned, employ, or have any financial ties of any kind with any of the proposed researchers for the project
- have the rights to commercialise their products or services and/or do not infringe on existing protected IP
- have secured matched funding (no in-kind) for the project
- not be receiving and have not received any other grant or subsidy for substantially the same project from a State Government or Commonwealth agency or department
- work in industry sectors or technologies identified in the NSW Industry Development Framework.
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Types of projects funded
Projects that want to be funded by TechVouchers must:
- Commence on the date the TechVoucher Schedule is executed and be finalised within 12 months.
- Require active cooperation between an eligible business and a TechVoucher Delivery Partner.
- Include a specific commercialisation result.
Discover more about this program and consult with our R&D Tax Incentive specialists today!
