Support for NSW start-ups

Start-up biotechnology companies in NSW are to receive support through a new $2.5 million project.

The BioFirst Business Incubator will provide participating companies with advice from experts in business and biotechnology.

Government support for the establishment and operation of the incubator will be over five years, with the idea that the incubator eventually becomes self-reliant.

Mark Bradley, CEO of Australian Technology Park Innovations, said he would be looking very closely at the initiative as part of the park's expansion program.

"I think this is an important development because there is a high demand for incubator programs to assist start-up biotechnology companies," he said.

"Our core business is to assist start-up companies through business acceleration programs and we have 32 companies in our program including some biotechnology companies.

"We provide a nurturing role to incubator participants, and work closely with companies to help them grow the business very fast," he told Australian Biotechnology News.

Dr Shanny Dyer, secretary of the NSW branch of industry association AusBiotech, said the initiative would help start-ups get through the commercialisation process.

"We are happy to help government set up the incubators and will assist in providing expertise," Dyer said

The government has advertised for expressions of interest from organisations interested in setting up an incubator under the new program.