In the 2022/23 Budget, the NSW Treasurer announced the creation of the Future Economy Fund, an unprecedented investment in the full life cycle of innovative high-growth businesses, starting from research and development, and commercialisation, through to business growth, upskilling and export opportunities.
The Future Economy Fund will support priority sectors and emerging high-value industries through the Innovation Research Acceleration Program and the Commercialisation Pathways Program.
Innovation Research Acceleration Program (IRAP)
The IRAP is a $117 million investment over four years to increase both the scale and excellence of research and innovation in NSW by supporting openly accessible research and innovation infrastructure in NSW.
IRAP delivers a series of infrastructure support grants aligned with the 20-Year R&D Roadmap and the NSW Industry Development Framework to enable the delivery of, and equitable access to, necessary research and innovation infrastructure.
The IRAP has two sub-programs:
- The Infrastructure Build Out Program which provides a $31 million investment in 2022/23 for new and existing research and innovation infrastructure for shared facilities, equipment and technical expertise and initiatives. This is allocated through a Quantum Technologies Funding Stream ($10 million) and a General Funding Stream ($21 million).
- The NCRIS Support Program which provides $86.4 million over four years to deliver research infrastructure that leverages support through the Commonwealth Government’s National Collaborative Research Infrastructure Strategy Program (NCRIS).
The Office of the NSW Chief Scientist & Engineer hosted a webinar on Wednesday 25 January 2023 to inform stakeholders on further details of both programs. A video and PDF slides from this webinar can be viewed at the links below.