Biosciences Fund FAQ

How much money is available this grant round?

The Biosciences Fund (BioSF) is a $3.5 million, competitive technology development and commercialisation program funded by the NSW Government to progress the development of new and innovative devices and systems across the branches of the biological sciences (biotechnology and life sciences), including biomanufacturing, genetic engineering, synthetic biology and agrifood.

How much money can I apply for?

An applicant can apply for funding between $200,000 and $2 million.

Not based in NSW?

To be eligible to apply, applicants must be headquartered in NSW.

The majority of project activities should be based in NSW. In cases where project partners or project locations are outside NSW, the application should provide details as to why (e.g. availing a specific capability, expertise or technology that is not available in NSW).

What devices of systems are eligible for funding?

The BioSF supports the development of new and innovative devices and systems across the branches of the biological sciences (biotechnology and life sciences), including biomanufacturing, genetic engineering, synthetic biology and agrifood. The program targets companies with innovative products/systems within the Technology Readiness Level (TRL) range of 3 – 7 and aims to help them move along the TRL scale, commercialise their idea and enable them to attract large-scale private investment.

For a grant activity to be eligible it must:

have a maximum project period of two years (unless there are exceptional circumstances). Projects will require clear and achievable milestones (e.g. moving from TRL 3 to TRL 5) to support appropriate staging and monitoring
seek to progress an innovation along the commercialisation pathway
have an existing prototype/proof-of-concept
be TRL 3-7 on the TRL Scale (please refer Appendix A, Table 3 of the BioSF Guidelines)
demonstrate why sufficient funding for the entire project cannot be accessed from alternative sources and that the project would not proceed at the proposed scale in NSW without government support.

How does the funding work?

Successful applicants who accept the offer of a grant will be required to enter into a formal Deed of Agreement with the NSW Government relating to the grant. The Deed of Agreement will specify obligations that relate primarily to the recipient’s accountability for the grant, including using the grant for activities occurring in NSW, the return of unspent grant funds and reporting on the use of the grant for the duration of the term. The NSW Government makes no binding funding or support commitment to an applicant until both parties sign the Deed of Agreement, including the lead applicant identified in the proposal.

While successful applicants are required to be compliant with all relevant laws and regulations, they will be specifically requested to comply with the Work Health and Safety Act 2011 (NSW).

The grant will be payable upon the execution of the Deed of Agreement. Invoices for grant payments will be submitted and paid in a single tranche, or as dictated by the Deed of Agreement.

Successful applicants will be required to provide financial information to an independent financial advisor who will undertake annual financial monitoring of the organisation. This will monitor how the grant is expended against agreed milestones, identify any financial risks to the project or organisation and determine if the applicant is required to begin repayment to the Department upon the specified level of economic success.

The applicant must repay the grant if the organisation achieves a specified level of economic success from project outcomes (e.g. once the recipient reaches an agreed revenue threshold through the commercialisation of the device or system). As part of the Deed of Agreement discussion, the independent financial advisor supporting the program will take you through the Return-On-Investment process, and map out how and when the repayment obligations begin under various scenarios (base-case, optimistic-case, pessimistic-case). These will be revisited as part of your annual reporting requirements.

Funding gained from capital fund raising rounds or other grants is not considered as revenue from project outcomes.

Do I have to repay the grant?

Funding gained from capital fund raising rounds or other grants is not considered as revenue from project outcomes.

What Technology Readiness Level is the BioSF targeting?

The BioSF targets innovative devices/systems within Technology Readiness Level 3 – 7 to help them move along the TRL scale, commercialise their idea and enable them to attract large-scale private investment.

Technology readiness levels

Technology Readiness Levels (TRLs) are used to represent the development of an innovation. TRLs will help to define eligibility and support under the BioSF.

It is expected that requests for support will reflect the different industries, levels of complexity or costs across the priority sectors, and indicative grant amounts are provided below.

Technology Readiness Level Chart

Apart from the BioSF, are there other programs I can apply for?

Yes. The NSW Government has several grant funding programs targeting the Biosciences focus areas. Please see the NSW Grant Funding Finder for a list of grants: https://www.nsw.gov.au/grants-and-funding

Federal grants can be found here: https://business.gov.au/grants-and-programs

The NSW Office for Health and Medical Research has funding programs that you may be eligible for - https://www.medicalresearch.nsw.gov.au/

I need help in developing my idea. Where can I go for support?

There are many university accelerators, technology transfer offices and early-stage funds in NSW that may be available to you. Some of these include:

Cicada Innovations
CSIRO ON Program
Energy Lab
IP Group Australia
Main Sequence Ventures
SBE Australia
Sydney School of Entrepreneurship
Sydney Start-up Hub
Uniseed
Venture Café Sydney
Your university accelerator or technology transfer office.

Who is eligible to apply?

To be eligible for the Program applicants must:

have an Australian Business Number (ABN)
be registered for the purposes of GST
be headquartered in NSW
be one of the following:
- a company incorporated under the Corporations Act 2001 (Cth) (including a company limited by guarantee)
- an Aboriginal and/or Torres Strait Islander Corporation registered under the Corporations (Aboriginal and /or Torres Strait Islander) Act 2006 (Cth)
- an individual or partnership who agrees to form a company under the Corporations Act 2001 (Cth) so that the Department can enter into a legally binding Deed of Agreement
- a NSW public research organisation or not-for-profit organisation applying through its appropriate technology transfer office or the Chief Executive Officer (or equivalent) of the organisation that will become a separate entity before entering into a legally binding Deed of Agreement with the NSW Government
hold the intellectual property or the rights to commercialise the device/ system/innovation
apply for one project per funding round.

Who is not eligible to apply?

Australian or NSW Government agencies
not-for-profit organisations (with no plans to spin out)
local government
State Owned Corporations or statutory authorities
International companies or Australian subsidiaries of international companies
Subsidiaries of Australian companies (Note: the parent organisation needs to submit the application, and will need to satisfy eligibility criteria)
businesses with a revenue (excluding grant funding) of more than $2.5 million in FY2023/24
businesses that are insolvent
an individual, unincorporated association or partnership that will not form a company under the Corporations Act 2001 (Cth).

Can applicants who were unsuccessful in a round apply again the next year?

Yes. We strongly encourage you to seek feedback on your unsuccessful application to strengthen your submission.

Can I receive other NSW or Federal grant funds and still apply to the BioSF?

Yes, but only if the project proposed for the BioSF differs in scope to the project that received the other grant fund. Projects with the same outputs and/or outcomes will not be deemed eligible.

Are pre-clinical trials an acceptable use of BioSF funding?

BioSF funding can be used for pre-clinical and clinical trials. Please note that the trials need to be for a project that is between TRL 3 - 7.

Can I use my university’s ABN to apply?

If you are a startup that is currently operating within a University or research organisation that is looking to spin out, but at the time of your BioSF application submission, you do not have your own ABN yet, you can use your University’s ABN to apply. Choose the option: a NSW public research organisation or not-for-profit organisation applying through its appropriate technology transfer office or the Chief Executive Officer (or equivalent) of the organisation that will become a separate entity before entering into a legally binding Deed of Agreement with the NSW Government.

However, in such cases, please note that the Assessment Panels need to see a lot of information and evidence of a startup that has a strong spinout plan in place to formally become a company. The BioSF is a commercialisation grant (70% score for commercialisation and deliverability).

Can I apply for both the PSF and BioSF?

The PSF supports devices and technologies across physical sciences and engineering and the BioSF supports applications across the biological sciences. While these programs are complementary, we recognise that they may not be mutually exclusive, and there may be projects that may fall under the scope of both programs. In such cases, you can apply to both programs or choose a program that best suits your application by referring to the individual program guidelines.

Who can I contact if I still have a question?

If you have questions regarding the BioSF, contact us through: grants@chiefscientist.nsw.gov.au