Physical Sciences Fund

Physical Sciences Fund

What is Physical Sciences Fund

The Physical Sciences Fund provides up to $2,000,000 to NSW-based startups and businesses for advancing innovative devices and systems in physical sciences and engineering.


Background

The Physical Sciences Fund (PSF) is established by the NSW Government to bridge the gap between research and commercialisation in the fields of physical sciences and engineering. This $3.5 million fund aims to improve commercialisation opportunities for innovative devices and systems developed within NSW, enhancing the state’s competitive edge in technology and contributing to economic growth. Through financial support, the fund seeks to propel NSW-based startups and businesses towards significant technological advancements and market readiness, ultimately delivering social, economic, and environmental benefits to the region.


Objectives

The objectives of the Physical Sciences Fund are to:

  • Enhance the commercialisation of new technologies developed in NSW to stimulate economic growth.
  • Support NSW-based startups and businesses in advancing innovative devices and systems through the stages of development to market readiness.
  • Leverage NSW’s research and development capabilities to realise social, economic, and environmental benefits.
  • Encourage the growth of innovative global companies headquartered in NSW by helping startups attract future funding and investment.


Eligible Entities

Eligible entities for the Physical Sciences Fund are:

  • Must have an Australian Business Number (ABN) and be registered for Goods and Services Tax (GST).
  • Headquartered in New South Wales (NSW).
  • Can be a company incorporated under the Corporations Act 2001 (Cth), an Aboriginal and/or Torres Strait Islander Corporation, or an individual/partnership willing to form a company.
  • NSW public research organisations or not-for-profits through a technology transfer office or CEO.
  • Hold intellectual property or the rights to commercialise the innovation.

Eligible Expenditure

The eligible expenditure for the Physical Sciences Fund are:

  • Prototyping and piloting studies to advance technology development.
  • Manufacturing and scaling operations to enhance production capabilities.
  • Market research, testing, and trials to validate product market fit.
  • Securing regulatory approvals and other relevant certifications.
  • Hiring external expertise and paying salaries directly related to the project’s delivery.
  • Developing commercialisation strategies and conducting commercial feasibility studies.
  • Purchasing specialist equipment or infrastructure necessary to progress the project.
  • Protecting intellectual property or obtaining related legal advice.


Funding

Grants from $200,000 to $2,000,000 are available through the Physical Sciences Fund. Applicants must provide matched funding on a 1:1 basis. 

 

Eligible Activities

Eligible expenditure for the Physical Sciences Fund include:

  • Developing and piloting prototypes.
  • Scaling manufacturing processes.
  • Conducting market research, testing, and trials.
  • Securing regulatory approvals and certifications.
  • Hiring external expertise directly related to project delivery.
  • Strategies for commercialisation and feasibility studies.
  • Purchasing specialist equipment or infrastructure essential for project advancement.
  • Protecting intellectual property or obtaining related advice.

 

How to get Physical Sciences Fund

In order to get the Physical Sciences Fund you will need to focus on:

  • Show Direct Impact: Demonstrate how your project will directly enhance NSW’s commercial opportunities in the physical sciences and engineering sectors.
  • Focus on Innovation: Highlight your project’s innovative approach, especially how it utilises new or significantly improved technologies or methodologies.
  • Commercial Viability: Present a clear path to commercialisation, including potential market size, customer base, and revenue forecasts.
  • Technical Feasibility: Provide evidence of technical feasibility, including proof-of-concept or prototypes that meet TRL 3-7 requirements.
  • Strong Team: Outline the experience and capabilities of your project team, showcasing their ability to lead and successfully deliver the project.
  • Detailed Budget: Submit a detailed budget that aligns with the project’s scope and demonstrates financial prudence and a clear need for grant support.
  • Project Milestones: Define clear, achievable milestones for project management and monitoring, ensuring they are realistic and well-timed.
  • Funding Need: Explain why government funding is crucial for the project’s execution and how it enables scaling or acceleration that wouldn’t otherwise be possible.
  • Additional Funding Sources: Indicate other funding sources, showing a robust financial plan that complements the grant request.
  • Impact and Benefits: Discuss the expected social, economic, or environmental benefits for NSW, providing quantifiable outcomes and long-term gains.


Timing

The closing date for the Physical Sciences Fund is 29 April 2024 at 12:00 pm.


More information

Source

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