Small and Medium Enterprises (SMEs) in New South Wales (NSW) are poised for a substantial boost in innovation and productivity through an $11 million funding injection. This initiative, part of the Boosting Business Innovation Program (BBIP), aims to foster collaboration between SMEs and Publicly Funded Research Organisations (PFROs) over the next four years, paving the way for enhanced productivity across NSW.
Minister for Innovation, Science, and Technology, Anoulack Chanthivong, highlighted the program’s strategic focus on connecting SMEs with research organisations to accelerate idea development and drive innovation. The revised BBIP scheme, now incorporating TechVouchers grants, seeks to dismantle barriers for businesses looking to commercialise innovative ideas, making NSW an attractive destination for innovation-driven enterprises.
“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,” Mr. Chanthivong emphasised. “In partnership with our collaborators, this programme will facilitate improved access to research facilities, technology, training, and expert guidance, while also funding collaborative research projects through TechVoucher grants.”
The $11 million funding allocation comprises $7.15 million earmarked for delivery partners, supporting the provision of essential facilities and services such as co-working spaces, business incubators, and access to expert advice. An additional $3.85 million is dedicated to TechVoucher grants, promoting collaboration between SMEs and researchers to drive innovation forward.
Professor S. Bruce Dowton, Vice-Chancellor of Macquarie University, underscored the pivotal role of BBIP in supporting the university’s DeepTech Incubator, emphasising its contribution to propelling groundbreaking discoveries into successful commercial ventures.
As NSW embraces this influx of funding, the stage is set for tangible outcomes that will propel industries forward, foster job creation, and enhance societal well-being. This $11 million investment signifies a significant opportunity for SMEs across NSW to harness innovation and drive productivity, positioning the state as a frontrunner in the global innovation landscape.
