NSW Launches $6M R&D Fund & TechVouchers to support COVID recovery
R&D Tax Incentive - 19 Aug 2021
In August 2021, the NSW Government announced the launch of a single-round competitive grant scheme for NSW businesses to help drive R&D and provide a platform for these businesses to recover and emerge in a post-pandemic economy.
The fund of AUD $6M is attempting to help companies scale and commercialise innovative products that specifically address the effects of COVID-19 and have the ability to be available to market within 2 years. Proposals to scale R&D products will be assessed by a panel of judges with expertise in commercialisation, venture capital, academia, government and industry.
The grants vary in size between $250,0000 and $1M and are available to NSW-based small and medium-sized enterprises (SMEs) that have at least 50% Australian ownership. 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. The application round is due to be available from August 2021.
New COVID-19 TechVouchers of between $25,000 to $50,000 will also be on the table as part of the pandemic recovery initiative. The COVID-19 TechVouchers are designed to enable more businesses to invest in innovation by providing access to expertise and equipment in NSW through publicly funded research organisations e.g. Universities, CSIRO. Applications close at 5.00pm on 29 October 2021.
If you are a NSW business or know of a NSW business, developing a new and innovative product to address the health, social or economic impacts of the COVID-19 pandemic, reach out to the experienced grants team at ABA Legal Group here to see how we can assist you with an application for the NSW R&D Fund or the COVID-19 TechVoucher programs.
The information contained in this blog is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. In all cases, you should consult with a professional advisor familiar with your factual situation for advice concerning specific matters before making any decisions. By reading this blog, you confirm your understanding of this disclaimer.