Up to $250,000 in commercialisation funding on offer

The NSW Government is seeking to identify and support businesses that intend to accelerate the commercialisation of research-based products and services that address the impact of COVID-19. To achieve this, the government is partnering with Innovation District partners in New South Wales, including the University of Newcastle, to deliver a series of three challenges.

Innovation districts

Innovation districts are where research institutions and businesses cluster and connect to network and accelerate commercialisation.

Twelve research institutions across NSW (including the University of Newcastle) have partnered with NSW Treasury to identify businesses within their innovation district, either through emerging or existing research relationships, or physical location, that are developing products or services that address the challenge statement for a series of three challenges. Eligible business will:

  • Stage 1 - Submit of an Expression of Interest with the University of Newcastle from which three finalists will be identified.
  • Stage 2 -  Each of the three finalists will submit an Application with NSW Treasury for evaluation and determination of the grant recipients from across NSW.

Funding opportunities

The total funding pool available for each Challenge is $500,000 comprising:

  • The highest-ranked applicant - $250,000
  • Second-highest ranked applicant - $100,000
  • Third-highest ranked applicant - $30,000
  • The highest-ranked applicant in each Innovation District that is not one of the statewide overall recipients - $10,000 ($120,000)

Funding may be used for business activities that enable the commercialisation of a product or service (which may still be in development) that directly addresses the Challenge Statement and that is intended to enter the market within 12 months.

Key dates

Stage 1 - Expression of Interest closes: 4 PM AEDT, Thursday 4 March 2021

Stage 2 – Finalist Applications due: 4 PM AEDT, Thursday 1 April 2021

Challenge Two is now open

Challenge Statement

Solutions that build economic resilience for NSW businesses to recover from the impacts of COVID-19.

Projects might address problem areas including:

  • Business sectors most impacted by COVID-19, such as tourism, international education
  • Ongoing supply chain weaknesses and sovereign supply chain capacity
  • Strengthening local communities in the management and recovery from outbreaks

Eligibility criteria

To be eligible, businesses must have:

  • an ABN registered in NSW and is based in NSW
  • fewer than 200 employees
  • been trading for at least 12 months
  • at least $75,000 in sales revenue within the last 12 months or previous financial year
  • a product or service (which may still be in development) that it intends to market within 12 months that directly address the theme for Innovation Districts Challenge Two (economic resilience)
  • ownership that is at least 75 per cent Australian and is not more than 50 per cent owned by another business.

Eligible businesses must also provide:

  • an operating profit and loss statement for the last 12 months or previous financial year
  • brief profiles of key personnel such as CV or LinkedIn accounts
  • the nomination of their primary innovation district partner.
Exclusions

The following will not be considered eligible for funding:

  • solutions that do not directly respond to the challenge statement for economic resilience solutions that address the impact of COVID-19
  • solutions designed to improve internal business processes
  • a Commonwealth, state or local government agency or body including government business enterprises.

How to enter

Stage 1: Expressions of interest

Eligible businesses will be required to:

1. Submit an Expression of Interest (EOI) through the University of Newcastle; and

2. Undertake an eligibility check through NSW Treasury.

Should a business be ineligible, the University of Newcastle may recommend other commercialisation support initiatives.

Make an EOI Innovation Districts Challenge Two

Stage 2: Application and assessment

The University of Newcastle will facilitate an evaluation panel to select three finalists from the Stage 1 Expression of Interest. These three finalists will then be invited to complete the Stage Two Application and will need to provide:

  • completed Stage Two Application form;
  • budget and commercialisation plan;
  • video presentation up to two minutes; and
  • declaration of conflicts of interest and description of any ethical or regulatory requirements to deliver the product or solution.

The 36 finalists, three from each of the 12 innovation district partners across NSW, will then be competitively ranked by an independent panel facilitated by NSW Treasury to determine the top 15 ranked businesses of the 36 finalists who will receive a grant to accelerate the commercialisation of their product or service.

Funding agreement

Successful applicants will be notified in writing by email and/or letter. Applicants may be required to keep the grant confidential for a period of time if an announcement will be made by the NSW Government.

Successful applicants will be required to enter a grant agreement with NSW Treasury, which will include a requirement that the applicant has and can provide a copy of all relevant insurances, such as public liability insurance or other insurance depending on the application.

As part of their obligations under the grant agreement, successful applicants will be required to submit reports at six month and 12-month intervals, which will include progress against the commercialisation plan and the intended use of funds, following receipt of the funding to NSW Treasury as outlined in the grant agreement.

Additional information

Guidelines - Innovation Districts COVID-19 R&D Challenges

NSW Treasury information on Innovation Districts COVID-19 R&D Challenges

Stage 1 Expression of Interest questions

University of Newcastle staff contact – Mrs. Siobhan Curran, (02) 4921 6951.

The University of Newcastle acknowledges the traditional custodians of the lands within our footprint areas: Awabakal, Darkinjung, Biripai, Worimi, Wonnarua, and Eora Nations. We also pay respect to the wisdom of our Elders past and present.