Up to $250,000 is available to assist start-up and early stage South Australian bioscience companies to develop their business model.
The Bioscience Industry Development (BID) Program was established by Bio Innovation SA (BioSA) to assist South Australian bioscience organisations to develop their business.
Bio Innovation SA (BioSA) is a South Australian Government funded organisation established to enhance the development of the local bioscience industry.
The Bioscience Industry Development (BID) Program aims to increase the success of commercialisation undertaken by bioscience companies, institutes and other bodies in South Australia. It is primarily positioned to assist organisations with commercialising their research and to provide early stage companies with funds to achieve key milestones to help develop their businesses and to raise equity finance.
The maximum amount any one opportunity will usually receive from BioSA grant funding is $250,000. The BID program is entirely discretionary and BioSA is not obliged to award any funding under the program.
Organisations can use BID grant funds from BioSA to support their participation in ARC Linkage grants. Any in-kind or cash contribution to the project or associated projects by the applicant will be viewed favourably by BioSA.
Eligible activities include those that will exploit an advantage that the applicant has (or will have) in order to achieve important commercial outcomes for the organisation.
Eligible expenditures include the costs of:
- incorporation and start-up costs for a new company;
- crucial “proof of commercial concept” experiments;
- the generation of supporting data to strengthen patent applications;
- specific professional advice (legal, patent, market, financial, accounting) for an identified project;
- training or travel of key individual(s); and
- projects that will achieve key milestones within a short timeframe (usually within 1 year).
It is anticipated that organisations awarded BID repayable grants will receive ongoing advice and in-kind support from BioSA, in addition to any grant funds. Please note that BID grants are only allocated to pay staff salaries or major equipment items in exceptional circumstances.
The following requirements must be met for an applicant to be eligible for assistance:
- the applicant must be a South Australian bioscience organisation or individual(s)/organisation(s) in the process of forming a South Australian bioscience organisation. In the case of the latter, a condition of BioSA considering the Application will be that the applicant incorporates a new South Australian organisation which, if a grant is to be awarded, will then be the grantee. BioSA has the ultimate discretion to determine whether an organisation is a South Australian bioscience organisation.
- the requested funding must be for activities that will exploit an advantage that the applicant has (or will have) in order to achieve important commercial outcomes for the organisation;
- the applicant can demonstrate access to the existing and potential IP that will be necessary for the project; and
- the applicant must demonstrate that they are otherwise unable to fund the activities without the BID grant.
Application is open on an ongoing basis.