New opportunities for NSW businesses and researchers
Minister for Jobs, Investment, Tourism and Western Sydney Stuart Ayres said the challenge would see an additional $500,000 in seed funding invested in research and development solutions that address the long-term strategic challenges of the pandemic.
“Through Investment NSW, the 2021-22 NSW Budget delivered more than $35 million to implement the Entrepreneurship and Innovation Ecosystems Action Plan,” Mr Ayres said.
“We want to see inspired solutions that help realise our vision for a world-leading innovation and entrepreneurship ecosystem in NSW. The third challenge to business is to keep building our local strengths and global competitiveness.”
“The first two challenges have already seen $1 million invested in innovative ideas such as an artificial intelligence diagnosis platform for lung scans that helps improve COVID- 19 detection, a personal anti-viral filtration device and a simulation engine for logistics including rapid vaccine distribution.”
Parliamentary Secretary to the Premier Gabrielle Upton said, “The Third Innovation Districts R&D Challenge strongly supports the focus of the NSW R&D Action Plan which is to grow jobs and new industries through commercialising R&D. In the case of the Challenge, the bonus is that it will help solve challenges arising from the pandemic.”
Potential projects could include those that help sectors pivot to high growth opportunities, strengthen NSW’s sovereign capability and local supply chains, address workforce gaps created by international closures, or champion Indigenous entrepreneurs.
Eligible businesses must be at least 75 per cent Australian owned, based in NSW, have fewer than 200 employees, have operated for at least 12 months, with at least $75,000 in sales revenue, and have a product or service in development that could strengthen the state’s entrepreneurship capability.
To submit an expression of interest, businesses must contact their local challenge partner. The list of Innovation District Partners and more information on the challenges can be found at: https://www.business.nsw.gov.au/support -for-business/innovation-districts-c19-r-and-d -challenges