The Iemma Government will reinforce its commitment to growing NSW's life science industry, with grants of up to $100,000 to help companies commercialise their research, Minister for State Development Ian Macdonald recently announced.
Mr Macdonald said applications are invited for the "BioBusiness Proof of Concept Grant" program to help life science companies prove the business value of their discoveries."These grants will help create smart jobs and new opportunities in a cutting edge area of our economy," Mr Macdonald said. "In particular they will assist NSW biotechnology and medical device companies to take projects to early stage commercialisation, while at the same time stimulating innovation and driving productivity in the life science sector."
"Up to 10 grants will be awarded each year for four years to support up to half the cost of projects by companies with a turnover of less than $30 million."
"The 2007-2008 NSW Budget committed more than $190 million over the next four years to fund scientific research, provide modern research facilities and support commercialisation efforts." Mr Macdonald said NSW offered many advantages as a life science location including a large and mature sector, a highly skilled multilingual workforce, international cost competitiveness, a business friendly regulatory framework, and strong intellectual property protection.
Examples of industry support efforts by the NSW Government include: