$150,000 innovation grant up for grabs

Are you a young, innovative and fast-growing company? Do you want a slice of $150,000 to develop a new technology? If you're a yes for any of those questions, there's a new grants program for you.

Here at My Business, we believe technology is not the exclusive domain of technology companies.

Indeed, many technological innovations have come from small business owners wondering how to make their products better, or how to improve their internal processes.

So it’s in this light that we bring you news of an incentive scheme for innovation by the NSW Department for Trade and Investment.

Businesses can apply to pitch their idea at Tech23, a showcase to be held in Sydney on August 23.

Businesses will have five minutes to pitch their technologies to a panel of investors and entrepreneurs and will get an opportunity to network with mentors.

The NSW Government will pitch in $150,000 split into five award categories including ‘greatest potential award’, ‘community contribution’ and ‘broadband innovation’.

The event bills itself as “THE competition for young, innovative and fast-growing Australian companies.”

Last year’s winners include Marathon Robotics which is trialing robots for the US Marine Corps (profiled in My Business December/January 2010/2011) and Solar-Gem, a company that developed solar energy and lighting solution for remote and poor regions in the world.

What do you think of innovation grants? Let us know below.

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