The NSW Government has announced seven innovative NSW companies sharing a $5 million Physical Sciences Fund that will help bring their technologies to life.
Minister for Jobs, Investment, Tourism and Western Sydney and Minister for Trade and Industry Stuart Ayres said the recipients of the 2021 Physical Sciences Fund are now one step closer to being able to commercialise their innovative ideas.
“The recipients are developing devices and systems that span various industries and showcase a broad range of ingenuity,” Mr Ayres said.
“From robots that help clean building facades, to improving the effectiveness of WiFi coverage in mines, all the recipients are tackling practical problems with welcome solutions.”
Parliamentary Secretary to the Premier Gabrielle Upton, who presented the awards at the event held tonight at the Fishburners coworking space in the Sydney Startup Hub said this was another example of the NSW Government helping support the translation of ideas into new industries, jobs, products and services.
“The NSW Accelerating R&D Action Plan highlighted the critical role that research translation funding plays in addressing a market failure where early-stage companies have limited access to investment to capital,” Ms Upton said.
“By supporting our most promising companies who are tackling real-world challenges, the Physical Sciences Fund will give their inventive technologies the best chance of being commercialised.
“These devices and applications will deliver important benefits to the people, the environment and the economy of NSW, while delivering new jobs and growing our high-tech industry.”
Professor Hugh Durrant-Whyte, NSW Chief Scientist & Engineer said the Physical Sciences Fund is about more than just financial support.
“This important Fund provides ongoing entrepreneurial know-how and facilitates collaboration that will give each funding recipient the best chance of developing into a strong, successful company,” Mr Durrant-Whyte said.
For more information about the fund, visit: https://www.chiefscientist.nsw.gov.au.