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| BioBusiness |
| BioFirst is a New South Wales biotechnology strategy, which aims to position NSW as a leader in biotechnology and to maximize the social, environmental and economic benefits of this sector for the people of NSW. One element of this strategy is the BioBusiness program, which recognizes that while this industry is technology driven, there are business challenges to be met in growing the individual enterprises that make up the industry. |
| A key driver is the need to close the gap between basic research and development to commercialisation. The BioBusiness program will, in many instances, involve an enterprise improvement process which could involve a number of projects over a period of two or more years, drawn from one or more of the program’s four areas. |
| Objective |
The objectives of the BioBusiness program are to:
- Help to develop world class export-orientated products, services and businesses;
- Support the biotechnology pipeline to take basic research through development to commercialisation;
- Promote leadership and training.
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The BioBusiness program has four key components
- Proof of Concept
The NSW BioFirst Strategy provides funding for Proof of Concept grants to a maximum of $100,000 over the project period excluding in-kind support.
- Non Research Establishment Costs
This initiative addresses the needs of biotech companies in the early stages of development to establish the infrastructure of the company. The type of activities to be covered includes assistance in establishing financial management systems and accounting services, support for intellectual property protection and business planning activities. This assistance may be through in-house resource support, or the employment of external consultants. As well, assistance may be provided to participate in bioinfomatics and other group skills transfer activities.
- High Growth Business
The aim of this element of the program is to support commercialisation expenditure other than research. In newer companies, this might include IP issues, accounting, market research and planning, prototyping, legal costs, field-testing and costs associated with regulatory approvals. This element of the program is also designed to enhance existing linkages to CRCs, universities and the venture capital industry, present investment readiness workshops and forums.
Participation Criteria ( 2 & 3 )
Essential
- Companies must be NSW based with a turnover of less than $30 million.
- Be operating as a for-profit company with significant private ownership.
- Be operating in a biotechnology sector as defined by the BioFirst strategy.
- The company must have a product/project being developed for commercialisation, or already in the market, or involved in basic, strategic or applied research with demonstrable commercial potential.
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Desirable
- Project/product intellectual property owned by the company.
- Track record of company principals in technology-based business development.
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| Financial assistance is available to facilitate the successful commercialisation of NSW biotechnology innovations on a dollar-for-dollar basis to a ceiling of $75,000 over two years. |
- Professional Leadership and Development
Professional Leadership programs are being developed which will focus on both start-ups and established businesses. The focus will be on the development of business skills such as:
- strategic management skills and experience for technology commercialisation;
- international marketing skills and experience for technology commercialisation;
- the ability to package commercial opportunities for investment;
- skills and experience to minimise and manage technology investment risk;
- skills and experience to manage high growth technologically innovative companies;
- technical product development skills and experience.
This could include such activities as mentoring, engagement of non-executive directors and could also include training in corporate governance and finance/management skills. An industry consultation process is currently under way to ensure that programs to be offered are relevant to industry needs.
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