Over the next four years, the Boosting Business Innovation Program (BBIP) will facilitate partnerships between SMEs and Publicly Funded Research Organisations (PFROs) to enhance productivity throughout NSW.
Through strategic investment and continued support, NSW is poised to emerge as a hub of innovation, where SMEs play a pivotal role in shaping a prosperous future for Australia.
According to Minister for Innovation, Science and Technology Anoulack Chanthivong the revised BBIP scheme, which now includes TechVouchers grants, is designed to connect SMEs with research organisations 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,,”
“In partnership with our partners, 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.” he said.
Amidst the buzz of innovation and collaboration, a total of $11 million has been set aside to empower aspiring entrepreneurs and small businesses.
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.
Additionally, there’s a heartfelt allocation of $3.85 million for TechVoucher grants, fostering a spirit of teamwork between small and medium-sized enterprises (SMEs) and researchers.
“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.”
Macquarie University Vice-Chancellor Professor S 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,”
“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.” he said.
As the funds are divided to support innovative projects and initiatives, we anticipate seeing tangible outcomes that will contribute to the advancement of industries, job creation, and overall societal well-being.
The injection of $11 million into small and medium-sized enterprises (SMEs) across New South Wales also represents significant opportunity to foster innovation and enhance productivity in the state.
