The New South Wales government is backing local biosciences startups in their efforts to develop and commercialise their problem-solving technology with a new $40 million funding.
Minister for Science, Innovation, and Technology Alister Henskens said the Biosciences Fund (BioSF) offers a platform for NSW’s most agile startups to address 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.
Built on NSW’s previous Physical Sciences Fund, BioSF is intended to support innovative researchers, startups, and entrepreneurs in the biological sciences space over the next four years.
“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,” Henskens said.
The funding program will consider applications from companies that target one of the three priority industries identified in the NSW Industry Development Framework— agriculture/agrifoods, medical and life sciences, and clean energy waste— all while aligning with specific technology applications outlined in the 20-Year R&D Roadmap.
NSW Chief Scientist & Engineer Professor Hugh Durrant-Whyte said the $40 million funding will build on areas where NSW has a competitive advantage, including biomanufacturing, genetic engineering, synthetic biology, and agrifoods.
The BioSF is funded under the NSW Government’s landmark Future Economy Fund.
