BioBusiness Programs

The BioBusiness component of the BioFirst Strategy supports the growth of companies and the commercialisation of research outcomes for the global market.  

BioBusiness aims to help develop world class export-oriented products, services and businesses, and increase the size and number of biotechnology companies in NSW.

The following BioBusiness programs are administered by the Department of State and Regional Development (DSRD).

• Non Research Establishment Costs
• High Growth BioBusiness
• Proof of Concept
• Professional Leadership and Development
• Fostering connections between Investors and Biotechnology Sector
• BioFirst Biotechnology Precinct

BioBusiness Funding Programs

Non Research Establishment Costs :  This component of the BioBusiness Program funds start-up businesses that meet the BioBusiness participation criteria and are defined as having:

• sales revenue of less than $500,000 per year; and
• incorporated in the last two years.

Assistance can be used over a two year period for: 

• initial intellectual property protection, excluding provisional patents; 
• regulatory approvals, related to the commercialisation of the product or service; 
• legal costs in agreements/advice for commercialisation; 
• business planning and business process development; 
• financial systems development; 
• market development and research; and 
• other agreed management skills development projects.

High Growth BioBusiness:  The High Growth BioBusiness component of the BioBusiness Program is to accelerate the growth of established biotech firms with:

• sales revenue between $500,000 and $30 million per year; and
• at least two years of viable trading.

Assistance under this program can be used for:

• regulatory approvals required to take bio-products into specific markets;
• business planning and business process development;
• financial systems development;
• market development and research, including export markets; and
• other agreed management skills development projects.

In addition, this element of the program can also be used to enhance existing linkages to CRCs, universities and the venture capital industry, and to present investment readiness workshops and forums.

Proof of Concept:  This program is designed to complement the Commonwealth Government's Biotechnology Innovation Fund (BIF), which aims to increase the rate of commercialisation by reducing the cost of demonstrating “proof of concept” for new biotech initiatives.

The NSW Government will co-invest with either private sector funds or the client, to match Commonwealth Government BIF funding.  The NSW grant offers up to 15% of the BIF recipient's total eligible project expenditure, to a maximum of $50,000 over the project period, excluding in-kind support.

Companies based in NSW and incorporated in Australia may be eligible for funding support for projects approved for BIF assistance. Projects must be conducted in NSW.

Professional Leadership and Development:  Professional Leadership programs focus on both start-ups and established biotech businesses. The focus is on the development of business skills such as: 

• strategic management skills and experience for technology commercialisation;
• international marketing skills and experience for technology commercialisation;
• the ability to package commercial opportunities for investment; 
• skills and experience to minimise and manage technology investment risk; 
• skills and experience to manage high growth technologically innovative companies; 
• technical product development skills and experience.

This could include such activities as mentoring, engagement of non-executive directors, training in corporate governance and finance/management skills, and Biotechnology Enterprise Workshops.

Fostering connections between Investors and Biotechnology Sector:  DSRD subsidises pitch training and presentation workshops to ensure biotechnology companies deliver a succinct and clear message to potential investors and partners, an often difficult source of capital for companies.  The Department also facilitates access to domestic and international forums, where NSW companies can pitch to potential investors and strategic partners

BioFirst Biotechnology Precinct:  In partnership with Australian Technology Park (ATP) Innovations, the NSW Government has established Australia’s first dedicated biotechnology precinct that can house and support start-up companies in state of the art laboratory facilities.

When is the next funding round for these programs?

Financial assistance is provided on an ongoing basis from DSRD.  Programs are subject to continuing review, and coverage, limits and criteria may change from time to time.

How do I apply?

Contact DSRD directly on Phone: (02) 9338 6600 or 1300 134 359 or biotechnology@business.nsw.gov.au

 
Other DSRD Programs

Australian Technology Showcase (ATS):  The ATS program promotes leading-edge Australian technologies, and supports the companies behind them. It aims to support the internationalisation of technology companies. Assistance is given to increase exports, license innovative Australian technologies and attract foreign and local capital for technology development and commercialisation.
ATS applications are assessed by an independent expert panel, comprised of members of the NSW Innovation Council.

Export grants up to $20,000 are available to undertake market visits, participate in trade fairs and related activities, protect IP, develop export-related promotional material and for export/ business improvement planning.

Visit ATS website at www.ats.business.gov.au for more information.

New Export Opportunities Program:  This program, which assists Trade Missions and Market visits overseas, targets high potential and emerging markets for NSW goods and services. Assistance can be tailored to focus on the special needs and interests of biotechnology and medical devices firms.

Assistance is provided with business matching, appointments and other in-market services, preparation of pre-approved, specialised marketing materials, freight on non-commercial quantities of samples, and interpreter services.

Participation in DSRD's Trade Missions or Market Visits is open to all NSW biotech businesses that have tradeable goods or services, and are assessed to be export ready.

The Department of State and Regional Development also has a range of other programs to assist business and technology development. For further information please contact:
NSW Department of State & Regional Development
GPO Box, Sydney NSW 2001
Phone: (02) 9338 6600 or 1300 134 359
Fax: (02) 9338 6705
E-mail first@business.nsw.gov.au
Or visit  www.business.nsw.gov.au