The federal government awarded $1 million to LIFT a program run out of iAccelerate that supports entrepreneurial women tackling issues science, technology, engineering and mathematics (STEM).

Current scholarship recipient Nuwangi Cooray is developing a new generation of sunscreens that can help prevent skin cancer.

Ms Cooray said too many projects struggled to make it out of the lab, something she was determined to overcome.

"The LIFT project provides me with the perfect platform to look at my research through a commercial lens to identify how I can best bridge the gap between laboratory and industry," she said.

The Illawarra is one of Australia's skin cancer capitals, with the region having one of the highest rates of melanomas in the country.

To address this, Ms Cooray, who is a PhD student at UOW's Institute for Superconducting and Electronic Materials, said her research needed to have a real world impact.

"My aim is not only to acquire the necessary skills to enter the workforce upon graduation but also to develop strategies for effectively connecting my research with the industry."

Launching the 2024 program at UOW's Innovation Campus and announcing the grant, industry minister Ed Husic said the program's proven track record of taking research and putting it into practice meant it would be a job-creating catalyst.

"A lot of these early stage firms have huge potential for job growth, and seeing that unleashed within the Illawarra and also transforming your economy in the long term is really important."

According to iAccelerate's latest economic impact report, released in 2023, the business incubator has supported 316 start ups and scale ups that have contributed $33.6 million to the local economy by the end of 2022.

More than half of iAccelerate's companies had at least one active female founder, well above the Australian average of 22 per cent.