The NSW Government has announced new seed funding opportunities while calling on businesses and research institutions to strengthen the state’s entrepreneurship capability as part of the third Innovation Districts COVID-19 R&D Challenge.
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.
The first two challenges have already seen $1 million invested in innovative ideas such as an artificial intelligence diagnosis platform for lung scans that help improve COVID- 19 detection, a personal anti-viral filtration device and a simulation engine for logistics, including rapid vaccine distribution. The Third Innovation Districts R&D Challenge strongly supports the focus of the NSW R & 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 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: https://www.business.nsw.gov.au/support -for-business/innovation-districts-c19-r-and-d -challenges.