Aspiring entrepreneurs will be supported through their startup journey, thanks to a new program which will provide them with the skillset needed to commercialise their ideas and develop successful deep tech businesses.
Minister for Science, Innovation and Technology Alister Henskens said the Deep Tech Commercialisation Training Program will ensure research-led ideas are translated into financially viable businesses which will deliver social, environmental and economic benefits to NSW.
“Most deep tech companies are built on new and unproven technology that have the potential to change people’s lives, but they struggle to navigate the ‘valley of death’,” Mr Henskens said.
“By helping companies gain a clearer commercialisation perspective and a stronger appreciation of factors such as market analysis, supply chain issues and customer engagement, this program will help them secure later stage capital and remain in NSW while they grow and scale.
“This program continues on our commitment to support research and development so we can be a world leader in translating research into economic outcomes that deliver a brighter future for our State.”
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The NSW Government is partnering with Sydney-based incubator Cicada Innovations, which designed and will deliver the program.
Cicada Innovations CEO Sally-Ann Williams said that NSW has the opportunity to be a global epicentre for innovation.
“As the home of deep tech in Australia for over two decades, we understand the commercial pathways to take ideas from the lab to global markets,” Ms Williams said.
“By working alongside the NSW Government to deliver this program we will support the best emerging deep tech ventures in NSW, and help them navigate turning breakthrough science and technology into sustainable business that positively impact Australia and the world.”