Up to $100,000 is available to develop new, innovative products within NSW.
Innovate NSW connects SMEs, researchers, major corporations and end users to collaborate, and develop globally competitive innovations that address compelling needs in key sectors of the NSW economy.
Funding priority will be given to SMEs developing innovative solutions that use enabling technologies to address challenges in key market sectors. These market sectors include: e-health, advanced manufacturing, energy technologies and services, online and interactive education, and transport, logistics and infrastructure. Submissions will also be considered from other sectors where the applicant can demonstrate the importance of the sector and value of the solution to the NSW economy.
Innovate NSW focuses on rapid development of solutions that use ‘enabling technologies’. For purposes of this program, these are defined as new technologies (or new uses for existing technologies) that enable new products, services, or more efficient processes. These technologies may include: mobile, cloud, analytics, sensors, advanced materials, and biosciences.
While the eligibility requirements for each type of assistance varies, all applicants must be:
- Incorporated in NSW
- Owner of the IP for the solution (submissions from 3rd parties are not accepted)
- Developing the solution for deployment to multiple customers, rather than for improvement of their own business processes
NSW Trade & Investment provides business advisory services to innovative SMEs with high growth potential, assisting them to develop commercialisation and export strategies and connecting them to private sector and state and federal government resources.
- Complete the Preliminary Assessment Form identifying the customer needs the solution addresses.
- Within three business days of lodging this, the company will be contacted by a NSW Trade & Investment Business Advisor to discuss and identify the next steps to progress the company’s high growth strategy.
- The business advisor may recommend applying for a grant under one or more of the Program funding elements (detailed below). Each element has guidelines and an example application form for initial guidance. Companies should not apply for any of these funding elements until they have submitted the Stage 1 Application and have been advised to proceed by a Business Advisor.
There are four funding elements to Innovate NSW:
- Minimum Viable Product (MVP) supports engagement and partnering with a potential reference customer to address a high growth opportunity or challenge in a key market sector. MVP provides matched funding of up to $15,000 to demonstrate an idea, prove a concept, develop a prototype or customise a solution
- TechVouchers (TV) assists SMEs to partner and collaborate with research organisations to overcome a specific technical challenge. TV provides up to $15,000 in matched funding to the research organisation/partner
- Collaborative Solutions (CS) provides grants of up to 25% of project costs (to a maximum of $100,000), to a consortium to develop an innovative, new-to-market solution within 12 months. The solution must use an enabling technology to address a high growth opportunity or challenge in a key market sector. The consortium must include three entities: an innovator with the ability to develop and commercialise the solution (Lead Company), an end-user in the key sector that is willing to test the solution (Pilot Organisation), and at least one partner company that will provide additional technology, research capabilities, or assistance to scale the solution
- Australian Innovation Showcase (ATS) identifies innovative, market ready Australian technologies with global market potential, and provides support through seminars, networking and showcasing to local and international markets. Companies successfully completing an element of the Innovate NSW program will become members of ATS. SMEs completing the Collaborative Solutions component of Innovate NSW may be eligible for matched funding up to $10,000 to access international markets.
Applications are accepted at any time of year. Assessment of MVP and TV applications are made on an ongoing basis, while panel assessment of Collaborative Solutions will take place every 8 weeks, dependent on the number of submissions. While the assessment criteria for each program element varies, all applications will also be competitively assessed.
Applications are assessed by the following:
- Minimum Viable Product and Tech Vouchers – internally by the Department.
- Collaborative Solutions –internally by the Department and then selected applicants will be invited to present to a panel consisting of the Department and external industry professionals.
- Australian Technology Showcase – by invitation only, following successful delivery of a solution through one of the other funding elements.