To be eligible, a business must have:
- An ABN registered in NSW and be based in NSW
- Been operating for at least 12 months
- Ownership that is at least 75 per cent Australian and is not more than 50 per cent owned by another business
- At least $1 million in sales revenue or operating expenditure within the last 12 months or previous financial year
- A product that directly addresses the impact of COVID-19 that it can demonstrate capability and capacity to bring to market within 24 months
- The intellectual property rights to commercialise the product
- Not already received government funding for the same stage of development of the product.
Eligible businesses must provide an operating profit and loss statement for the last 12 months or previous financial year and brief profiles of key personnel.
Projects will need to demonstrate that the proposed product is at Technology Readiness Level (TRL) 4-9.
To be considered for the R&D Fund, the project must:
- Address the health, social or economic impacts of COVID-19
- Be innovative with a focus on feasibility within health, social or economic markets
- Go to market within 24 months
- Have been developed in NSW and derive health, social or economic benefit to the people of NSW.
The following will not be considered eligible for funding:
- Products that do not directly address the health, social or economic impacts of COVID-19
- Solutions designed to improve internal business processes
- Activities which are deemed to be research or in the very early stages of project development (TRL 1-3)
Projects where government funding is not necessary to commercialise the product.