Deadline: 31-May-22
Applications are now open for Western Australia Innovator of the year (WA IOTY) program.
The major aim of the WA IOTY program is to acknowledge and reward exceptional innovators in Western Australia who have developed an outstanding innovative product, technology or service, which is at the emerging innovation or growth phase of development. The innovation must demonstrate an economic, social or environmental benefit to Western Australia.
Applications funded under the WA IOTY program will target market problems and realise opportunities of importance to Western Australia. It is intended that financial support will assist successful applicants to take a product, technology or service from its emerging innovation or growth phase of development to commercialisation.
All award winners will be announced at the WA IOTY Awards Ceremony, which will take place in December 2022.
Objectives
In accordance with the New Industries Fund, the objectives of the WA IOTY program are to:
- promote and acknowledge the success of Western Australian innovators;
- encourage co-support from industry for promotional activities;
- activate and strengthen industry-government research collaborations;
- engage communities throughout Western Australian regions in innovation; and
- promote job creation and economic diversification in Western Australia.
Categories
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The WA IOTY program comprises of two categories:
- the Rio Tinto Emerging Innovation Category (prerevenue) and
- the Rio Tinto Growth Category (post-revenue).
- The Emerging Innovation Category is for applicants who have not generated revenue from their innovation.
- The Growth Category is open to applicants that have generated revenue from their innovation.
Benefits
- A full day workshop run by a qualified and experienced industry facilitator to provide finalists with the skills and techniques required for a compelling and professional pitch presentation;
- A two hour one-on-one mentoring session to refine pitch presentation and tailored for your specific innovation’s business plan;
- A three hour workshop on social media and digital strategy;
- A three hour seminar on Board Models for Entrepreneurs;
- A one hour Legal Health Overview session; and
- Two finalists will be awarded a scholarship to attend a program with the Centre of Entrepreneurial Research and Innovation (CERI)
Award Categories
- WA Innovator of the Year – Overall Winner – $70,000 (GST exempt)
- Rio Tinto Emerging Innovation Category Winner – $20,000 (GST exempt)
- Rio Tinto Growth Category Winner – $20,000 (GST exempt)
- Woodside Energy Award Winner -$10,000 (GST exempt)
- Business News Great for the State Award Winner – Advertising, subscription and sponsorship pack to the value of $10,000.
- Wesfarmers Wellbeing Award – $10,000 (GST exempt)
Eligibility Criteria
In order to be considered eligible, and to be included in the evaluation process, an application must be received by the closing date and time and must meet the following criteria:
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The applicant must:
- have a business address and be developing their innovation in Western Australia at the time of submission;
- continue to be based in Western Australia during the next three years;
- be an industry organisation, private sector firm, public sector agency, university, research institute, partnership, other organisation or a sole trader based in Western Australia;
- have an ABN or ACN;
- have developed their product or service from original concept, can clearly define the market need or problem it solves and have some form of IP protection and/or rapid route to market;
- be the legal or authorised owner of the innovation;
- not have previously been a recipient of an award under the WA IOTY program in the same category for the same innovation; and
- commit to attending all Business Capability Training sessions in August/September.
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To be eligible in the Emerging Innovation Category, the applicant must:
- not have generated revenue from the innovation set out in this application.
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To be eligible in the Growth Category, the applicant must:
- have generated revenue from the innovation set out in this application.
- The Overall Winner is ineligible to also win the category into which they originally entered.
- Applicants can only enter one application per innovation in one of the Emerging or Growth categories (i.e. an application for the same innovation cannot be lodged for both categories).
For more information, visit Government of Western Australia.
For more information, visit https://www.wa.gov.au/system/files/2022-05/2022%20IOTY%20-%20Guidelines%20for%20Applicants_0.pdf