Grants back biomedical innovators

Biomedical enterprises with innovative ideas can now access grants to help commercialise their products and generate jobs under a new Palaszczuk Government program.

State Development Minister Dr Anthony Lynham today announced that matching grants of between $50,000 and $250,000 were now available through the Biomedical Assistance Fund to help progress innovative technologies with commercial potential through the product development phase.

“We are opening the doors for our state’s biomedical innovators to access public and private capital,” Dr Lynham said.

“Accessing investment is one of the biggest challenges for biomedical enterprises looking to commercialise their good ideas.

“These grants are available to reach a milestone identified by a potential commercial partner, existing major investor, or a future funder.

“That’s going to make the project more attractive to further investors and bring that product, and the jobs it will generate, closer to realisation.

“The fund aims to create a healthier biomedical start-up community and is a demonstration of the Queensland Government’s commitment to supporting high-growth, innovation-based sectors and building an entrepreneurial culture.”

Queensland’s $1.44 billion biomedical industry employs more than 9000 people and is forecast to grow by up to 38 per cent over the next 10 years up to a total value of $1.9 billion and to potentially generate a further 3000 jobs.

The fund opening today is a key initiative of the $4 million Queensland Biomedical 10-Year Roadmap and Action Plan that Premier Annastacia Palaszczuk launched at the BIO International Convention in San Diego in June.

Biomedical enterprises looking to progress their technologies through the product development phase can also apply to the Palaszczuk Government’s $40 million Advance Queensland Business Development Fund.

Applications open today and will close at 11am on 2 November 2017. Applications are available at statedevelopment.qld.gov.au

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Media inquiries: Jan Martin 0439 341 314