R&D Fund

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What is the R&D Fund?

The R&D Fund is a grant opportunity to support small and medium enterprises (SMEs) and scaleups to commercialise products that address the health, social or economic impacts of the COVID-19 pandemic. 



The R&D Fund is a $6 million single-round competitive scheme administered by Investment NSW.

The objective of the Fund is to stimulate the development and commercialisation of innovative products that benefit the people of NSW, with possible nationwide and global impact.

The R&D Fund targets products within Technology Readiness Level (TRL) 4-9 to help them move along the TRL scale, enable them to attract large-scale private investment, or expand into global markets.


R&D Fund Principles

The following principles apply to the R&D Fund:

  • The project must address the health, social or economic impacts of COVID-19.
  • Funding will be competitive and merit-based.
  • The project must demonstrate an existing prototype or proof-of-concept and a clear path to commercialisation.
  • Funding can be used for purposes including:
    • Manufacturing
    • Conducting market and product assessments
    • Salaries and access to external expertise that is directly related to the delivery of the project
    • Commercialisation strategies and commercial feasibility studies
    • Specialist equipment or infrastructure necessary to progress the project.
  • The Expert Panel will have sufficient flexibility to tailor funding support according to what it believes is required to assist the development and commercialisation of a product.

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R&D Fund


The funding awarded to each successful applicant will be merit-based and will depend on the overall quality and quantity of applications received. Funding will be in the range of $250,000 to $1 million, depending on the product’s stage of development.


Eligible Projects

Projects will need to demonstrate that the proposed product is at stage TRL 4-9. See Appendix A of the guidelines.

To be considered for the R&D Fund, the project must:

  • Address the health, social or economic impacts of COVID-19
  • Be innovative with a focus on feasibility within health, social or economic markets
  • Go to market within 24 months
  • Have been developed in NSW and derive health, social or economic benefit to NSW.

The following will not be considered eligible for funding:

  • Products that do not directly address the health, social or economic impacts of COVID-19
  • Solutions designed to improve internal business processes
  • Activities which are deemed to be research or in the very early stages of project development (TRL 1-3)
  • Projects where government funding is not necessary to commercialise the product.


Eligible Applicants

The R&D Fund can be accessed by eligible NSW SMEs and scaleup businesses with innovative products supported by intellectual property.

To be eligible, a business must have:

  • An ABN registered in NSW and be based in NSW
  • Been operating for at least 12 months
  • Ownership that is at least 75 per cent Australian and is not more than 50 per cent owned by another business
  • At least $1 million in sales revenue or operating expenditure within the last 12 months or previous financial year
  • A product that directly addresses the impact of COVID-19 that it can demonstrate capability and capacity to bring to market within 24 months
  • The intellectual property rights to commercialise the product
  • Not already received government funding for the same stage of development of the product.

Eligible businesses must provide an operating profit and loss statement for the last 12 months or previous financial year and brief profiles of key personnel.

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R&D Fund

How to get the Invest NSW – R&D Fund

In order to get this grant you will need to demonstrate:

  1. What is the problem being addressed?
  2. What is the solution and how is it unique and innovative?
  3. Who is the market user and how large is the opportunity?
  4. How are you going to use the funding to accelerate R&D and commercialisation?
  5. How has your organisation or project team previously and successfully delivered real-world solutions at scale and with speed?
  6. What is the research basis of your product and the evidence that you can provide to show the effectiveness of your product?
  7. How close are you to the commercialisation of your product?
  8. What, if any, are key uncertainties remaining about the effectiveness of your product, and how and when will you resolve these?
  9. How do you propose to reach your users?
  10. Who are your closest competitors and how is your product different?
  11. What are the resources your organisation is making available for this project?
  12. What experience do team members have in commercialising products?
  13. What additional resources are you seeking for this project (aside from this funding application)?
  14. How will your product be deployed into the operational environment rapidly and at scale?
  15. What capabilities does the business have that enable implementation of the commercialisation of the product?
  16. Outline the milestones and stage-gates that are present in the project plan.
  17. How does this project fit with your organisation’s strategic goals?


More Information


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