Translating research into economic outcomes
Four innovative NSW companies who are solving some of the State’s complex challenges are set to share in $5 million to help translate their research into commercial products, as part of the NSW Government’s Physical Sciences Fund.
Minister for Science, Innovation and Technology Alister Henskens announced the successful companies at an event held at Fishburners in the Sydney Startup Hub.
“NSW is home to some of the most brilliant researchers, innovators and entrepreneurs, who are working across a range of sectors, creating new jobs and growing our high-tech industries,” Mr Henskens said.
“The Fund, now in its fourth year, exemplifies the NSW Liberals and National Government’s commitment to supporting research and development (R&D) that underpins the commercialisation of technologies.
“The successful recipients are developing devices and applications which will deliver real-world benefits to our State in agriculture, communications, clean energy and construction, which will help grow the economy and secure a brighter future for NSW.”
The Fund aims to deliver significant social, economic and environmental benefits to NSW by providing financial support across the branches of physical sciences and engineering, including physics, chemistry, astronomy and the earth sciences.
NSW Chief Scientist & Engineer Professor Hugh Durrant-Whyte said the Fund continues to champion the growth of innovative industries in NSW.
“This year we released our 20-Year R&D Roadmap, which provides a blueprint to prioritise investment in areas where NSW has competitive R&D advantages nationally and internationally,” Professor Durrant-Whyte said.
“It is great to be able to celebrate four young companies who are developing technologies with great potential and starting out on their commercialisation journey.”
Applications for the 2023 round will open early next year, with $10 million available through the next round of the Fund. More information about the 2022 successful funding recipients can be found online.
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