New Physical Sciences Fund to Fast-Track NSW Tech Innovations

22 Feb 2019

The NSW Government has committed $5 million in funding to a program supporting the development and commercialisation of promising new NSW technologies.

The NSW Physical Sciences Fund (PSF) is aimed at individuals, companies, research institutes and universities developing physical science devices and systems, and will support bringing these innovative technologies to market.

“The PSF aims to capture potential commercial applications of high impact NSW research across all branches of science and will provide support through their product life-cycle,” NSW Chief Scientist & Engineer Professor Hugh Durrant-Whyte said.

The PSF is part of a targeted strategy by the Office of the NSW Chief Scientist & Engineer to support research translation activities, delivering better collaboration between universities and industry, and driving NSW Government outcomes in economic growth and jobs creation.

“NSW is home to outstanding researchers carrying out world-class work in such diverse disciplines as advanced instrumentation, bio-manufacturing, imaging technologies and robotics,” Professor Durrant-Whyte said.

“By investing in the end-to-end realisation of these technologies, the NSW Government is creating a virtuous development circle which will build prosperity for the state, while delivering tangible social benefits to its people.”

The PSF is modelled on the highly successful Medical Devices Fund (MDF), which has seen the NSW Government invest more than $50 million in grants to 31 medical technologies since 2013.

That program has resulted in these organisations raising over $456 million in further funding, treating over 180,000 patients and increasing their staffing levels four-fold. One funding recipient has already paid its grant back to the MDF earlier this year.

A panel of five distinguished experts with skills, experience and expertise in science and engineering, devices and systems commercialisation, venture capital, financial management and consumer advocacy has been appointed. The PSF Expert Panel Chair is Professor Annabelle Duncan, Vice-Chancellor and CEO of the University of New England.

The NSW Physical Sciences Fund will be funded out of the NSW Government’s Research Attraction and Acceleration Program, administered by the Office of the Chief Scientist & Engineer. The PSF is now open for Preliminary Applications due by 3 May 2019.

Further information can be found here.

MEDIA

Bruce Ritchie | Office of the NSW Chief Scientist & Engineer | 0429 412 426