Cyber security start-ups in New South Wales could be in the running for a quarter-of-a-million-dollar leg up from the state’s Government under the new NSW-Israel Research and Development (R&D) and Technological Innovation Program.
The new program is aimed at providing one-off matched financial grants of up to $250,000 to assist NSW entities collaborate with an Israel entity on joint research and development projects. Businesses tapping into the offer should be considered to be a start-up or high growth.
The creation of the program follows a Memorandum of Understanding (MoU) signed between the NSW Government and the State of Israel for bilateral cooperation in R&D and technology innovation.
While the program accepts applications from all sectors, it has particular focus on projects in cyber security, along with water management and agri-technology, which the state Government is keen to see developed.
According to the NSW Minister for Innovation, Matt Kean, the NSW-Israel R&D Tech Innovation Program will help open global opportunities for local businesses to develop, commercialise and sell new products and services.
“Startup companies, fast growing SMEs, and entities based in regional or rural NSW are encouraged to apply and will be eligible for an extra 10 per cent of funding up to $250,000,” Kean said.
Additionally, the state Government will work closely with the Israel Innovation Authority to pair companies with similar aims that are interested in the program but lack a project partner.
“Israel is one of the world’s leading innovation powerhouses, and this new program will allow NSW and Israel to help businesses build global commercial capabilities,” Kean said.
“The state government will contribute up to 50 per cent of a participating NSW company’s project costs, with applicants then required to match that contribution.
“The Israel Innovation Authority will also provide matching grants to Israel companies that take part in the program,” he said.
Applications will remain open until 18 December for NSW companies wanting to partner with those in Israel. More information can be found here.
The projects “should advance market-driven, new and innovative products for the global market and have the potential to contribute to economic growth, skills development and job creation,” according to the NSW Government.
The fresh focus on boosting support for local cyber security businesses comes as the Federal Government ramps up its focus on Australian cyber security players.
In April, the Federal Government launched its Cyber Security Sector Competitiveness Plan, kicking off an initiative aimed at strengthening the Australian cyber security sector and boosting overall revenue in the sector locally.
According to the Government, the new plan will help Australia’s cyber security solutions sector realise its full potential in a rapidly-growing global market, expected to be worth US$170 billion by 2020.
The initiative, drawn up by the Australian Cyber Security Growth Network (ACSGN) is expected to help triple the size of the country’s cyber security revenue from about $2 billion to $6 billion in the next decade.
Just days ago, the Federal Government followed up its Cyber Security Sector Competitiveness Plan with a pledge to invest $50 million over the next seven years into a new cyber security cooperative research centre (CRC), the latest such cooperative research centre in the Government’s initiative to better collaborate with industry.
The Government’s funding is set to complement more than $89.8 million in investment – both cash and in-kind – from a total of 25 industry, research and government partners.
“This investment will contribute to Australia’s reputation as a secure and trusted place to do business, enabling industry to attract and increase investment, trade and commerce and delivering broad economic benefit,” the Federal Government’s Assistant Minister for Industry, Innovation and Science, Craig Laundy, said at the time.