BioBusiness

BioBusiness Professional Leadership and Development

Other Department of State and Regional Development Programs

The New South Wales Department of State and Regional Development’s BioBusiness Program aims to position NSW as a leader in biotechnology in order to maximise the social, environmental and economic benefits of this sector for the people of NSW.

A key objective of the program is to develop world-class export-oriented firms. The BioBusiness Program recognises that this industry is technology driven. Realising the full economic potential of this sector will require individual enterprises that make up the industry to successfully navigate the gap between basic research and commercialisation. The program supports firms to maintain their biotechnology product pipeline and promotes firm leadership through training.

The BioBusiness Program assists eligible firms with direct financial assistance to undertake enterprise improvement activities over a period of time and through training programs to develop firm management and leadership skills.

What is Biotechnology?
Biotechnology is the term for a group of technologies that pursue the understanding and use of organisms and biological processes for health, social, environmental or economic applications or outcomes. This includes techniques ranging from molecular and cellular biology, biochemistry and immunology through to biological applications of information technology. It also includes medical devices associated with the life sciences.

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Direct Financial Assistance

Eligible biotechnology firms can seek direct financial assistance to meet non-research establishment costs and to undertake activities to accelerate business growth. Funding is available up to a maximum of $75,000 on a dollar-for-dollar basis, ie 50% funding is the maximum, for each applicant firm or group of associated firms. Funding is not provided to meet operational expenses, such as staff salaries, capital expenditure or the cost of website establishment.

Financial assistance is subject to prior written approval in all cases. Not all eligible firms or projects may be accepted into the BioBusiness Program.

NSW-based biotechnology firms operating on a for-profit basis with significant private ownership are eligible to receive financial assistance if they:

are already in the market, or have a product being developed for commercialisation, or are involved in basic, strategic or applied research with demonstrable commercial potential;
own product intellectual property; and
are led by principal(s) with a track record in technology-based business development.

Non-research establishment costs component of the BioBusiness Program assists start-up firms that meet the BioBusiness Program eligibility criteria. Start-up firms typically have sales revenue of less than $500,000 per year and were incorporated in the two-year period leading to the date the request for financial assistance is made to the Department.

Firms meeting eligibility criteria can seek assistance to meet establishment expenses over a two-year period. Typical activities that attract funding are:

initial intellectual property protection, excluding provisional patents;
regulatory approvals, related to the commercialisation of the product or service;
legal costs in agreements/advice for commercialisation;
business planning and business process development;
financial systems development;
market development and research;
product design and testing, including prototyping, and clinical and field trials; and
other agreed management skills development projects.

High Growth BioBusiness component of the BioBusiness Program aims to accelerate the growth of established biotechnology firms that meet the BioBusiness Program eligibility criteria. Firms with sales revenue between $500,000 and $30 million per year who can demonstrate at least two years of viable trading can seek direct financial assistance for:

regulatory approvals required to take biotechnology products into specific markets;
business planning and business process development;
financial systems development;
capital raising planning;
market development and research, including export markets;
product design and testing. Including prototyping, and clinical and field trials; and
other agreed management skills development projects.

In addition, this element of the program can also be used to enhance existing linkages to Co-operative Research Centres, universities and the venture capital industry.

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BioBusiness Professional Leadership and Development

The Department of State and Regional Development has contracted third party providers to deliver subsidised professional development programs for business leaders of start-up and established biotechnology firms.

These development programs focus on the enhancement and development of business skills such as:

strategic management skills and skills in technology commercialisation;
international marketing skills;
investment readiness skills;
skills to manage technology investment risk;
skills to manage high growth technologically innovative companies; and
technical product development skills.
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Other Department of State and Regional Development Programs

Australian Technology Showcase (ATS)

The ATS program promotes leading-edge Australian technologies and supports the firms behind them. It aims to support the internationalisation of technology firms. Assistance is given to increase exports, license innovative Australian technologies and attract foreign and local capital for technology development and commercialisation.

ATS applications are assessed by an independent expert panel.

Export grants up to $20,000 are available to undertake market visits, participate in trade fairs and related activities, protect Intellectual Property, develop export-related promotional material and for export/business improvement planning.

New Export Opportunities Program

This program, which assists Trade Missions and Market visits overseas, targets high potential and emerging markets for NSW goods and services. Assistance can be tailored to focus on the special needs and interests of biotechnology and medical devices firms.

Assistance is provided with business matching, appointments and other in-market services, preparation of pre-approved, specialised marketing materials, freight on non-commercial quantities of samples and interpreter services.

Participation in the Department's Trade Missions and Market Visits Program is open to all NSW biotechnology firms that have tradeable goods or services and are assessed to be export ready.

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For further information, contact

Small Business Development
NSW Department of State and Regional Development
GPO Box 5477
SYDNEY NSW 2001

Phone: 1300 134 359

E-mail first@business.nsw.gov.au

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