An investment of $80 million through the 2025–26 NSW State Budget is set to support technology and innovation, with new funding allocated to deliver an Innovation Blueprint.
This blueprint is aimed at establishing New South Wales as a place to innovate, connect with investors, and scale businesses.
The funding package for the Innovation Blueprint includes the following initiatives:
- $38.5 million to turbocharge Tech Central, Australia’s largest technology and innovation hub.
- $20 million for Emerging Technology Commercialisation to drive growth and productivity in key areas such as Housing and Energy.
- $6 million to extend the existing Minimum Viable Products Ventures program to support more startups at the early stages of development.
- $6 million to support manufacturing businesses to adopt innovative technologies.
- $4 million to promote housing construction through the Housing Innovation Network and the Innovation in Construction Fund.
- $4 million to support tech founder diversity by providing training programs for female founders and our future tech leaders living and working in Western Sydney and regional NSW.
- $700,000 to extend the operation of National Space Industry Hub.
“With this nearly $80 million of funding, we will ensure we nurture, grow, and support the next Afterpay, Atlassian, and Canva from the early stages through the most vulnerable periods of a startup’s life cycle – particularly just before the jump to commercialisation,” said minister innovation, science and technology Anoulack Chanthivong.
“The funding package will allow Tech Central – the largest tech innovation ecosystem in the country – to flourish as a melting pot for groundbreaking innovation, research, and lifestyle.
“We also understand that the best and brightest tech ideas aren’t just born in the inner city of Sydney, so we are providing startup support to our future tech superstars right across the state.”
Additionally, the Investment Delivery Authority aims to boost and support businesses by attracting and accelerating major investment. By cutting through red tape, coordinating across government, and encouraging investment, it is expected to assist around 30 projects per year and bring up to $50 billion in investment annually.
The Authority will also identify reforms to remove hurdles for private investment, while offering government assistance to support proponents if their project is selected. This is expected to create jobs and grow Australia’s manufacturing industries.
Expressions of interest will be accepted for eligible domestic and international investment projects valued over $1 billion, coming into effect in the 2025–26 financial year.