NSW government backs UOW with business innovation funding

The University of Wollongong (UOW) has been named as a recipient of The Boosting Business Innovation Program (BBIP), which will give it access to funding to support entrepreneurs and small businesses in its region. Announced this week, the New South Wales government program aims to foster a stronger collaboration between SMEs and the state’s academic and research institutions. UOW’s industry and engagement team will share a portion of the total $11 million allocated to the program, along with other NSW research institutions and universities. It’s currently unclear exactly how much of that funding pool UOW is receiving, but according to Investment NSW the exact amount will be published in the next week. This financial support is said to enhance a range of activities and resources, including co-working spaces, incubators and accelerator programs, as well as access to experts and training facilities. Dr. Paul Di Pietro, pro-vice chancellor (industry and engagement) at UOW, expressed his gratitude towards the funding initiative, highlighting its potential to unlock new opportunities for entrepreneurs and small businesses “UOW is committed to supporting a thriving ecosystem that facilitates and grows research knowledge exchange and translation and promotes entrepreneurship,” Di Pietro said. According to UOW, this funding will build upon the growth of its already-existing iAccelerate program, which is key to the university’s strategy to translate research strength into tangible societal and economic benefits. “iAccelerate is committed to elevating a broad range of people and businesses with ideas that can change the world, and we are delivering on that this year with programs to support female founders and social enterprises alongside our traditional strengths in medical technology, clean energy and advanced manufacturing,” Dr. Tamantha Stutchbury, iAccelerate director, said in a statement. According to Stutchbury, iAccelerate has played a pivotal role in the local economy over the past six years – facilitating the launch of 382 companies and the creation of 1,085 jobs. These efforts have injected $132 million back into the Wollongong community. The revised BBIP scheme also now includes TechVouchers grants, which fund collaborative projects between small businesses and UOW researchers. The idea is that SMEs gain access to expert knowledge and high-tech instruments, bridging the gap between research and practical business applications. Minister for Innovation, Science and Technology, Anoulack Chanthivong, emphasised the program’s role in facilitating access to cutting-edge research facilities and technology, alongside offering training opportunities and expert guidance. “This program, alongside the work we are doing in developing the NSW Innovation Blueprint, will support and help accelerate the rate of innovation in NSW,” said Chanthivong.