Deadline: 15-Mar-23
The Western Australian Government has launched the Innovation Booster Grant (IBG), funded through the New Industries Fund.
The IBG helps WA-based startups and small businesses improve their capability and commercialise their innovative ideas or projects, by undertaking in-house project work and/or collaborating with third-party service providers.
The grant assists in:
- Developing or enhancing products or services that are commercially ready, or to reach a commercial ready stage;
- Developing prototypes, processes or systems that might attract additional investment and/or customers; and/or
- Addressing a technical problem that the business cannot solve themselves, or for which the solution is not readily available.
Objectives of the New Industries Fund
The objectives of the New Industries Fund to:
- stimulate the WA startup and small business sectors through the support of innovation initiatives;
- decrease the commercialisation gap;
- activate industry-government-research collaborations;
- increase research and development (R&D) investment into Western Aust
Funding Information
- A maximum of $40,000 grant per application is available. Recipients are required to provide a net cash co-contribution of at least 20:80 applicant to WA government funding.
- For example, a project of $50,000 (total cost excluding GST) would involve the recipient providing the minimum $10,000 themselves to supplement the $40,000 grant.
- Funds are available for claiming between May/June 2023 and 30 June 2024.
Eligibility Criteria
- Your business is registered in Western Australia and possesses a current Australian Business Number (ABN) and/or Australian Company Number (ACN).
- You are developing an innovative project in Western Australia.
- Your business will continue to be based in Western Australia in the next three years.
- You are a WA-based startup or small business that employs between one and 25 people.
- Includes sole traders, private sector firms, partnerships and non-profit entities.
- Your business is solvent.
- Your business is willing, and has the financial capacity to contribute at least 20% of the requested project funding costs.
- If the funding request is the maximum $40,000, then your cash contribution must be $10,000 (or more). If the project is greater than $50,000, then you must commit in the application form to paying the difference over $40,000.
- Your business confirms that the IBG will not be spent on ‘business as usual’ operational expenses.
- Your business confirms that if it uses a service provider(s), it is an independent third party.
- Up to three service providers are allowed.
- Your business confirms that the requested eligible expenditure is for services to be provided in the future.
- Claims cannot be made for work already commenced or completed.
- You have NOT previously received or likely to receive Western Australian government funding for the same project/initiative.
- You have NOT previously received an Innovation Booster Grant (previously called Innovation Vouchers Program) for the same project/initiative.
- Applicants and the innovation are only eligible for one Innovation Booster Grant per project.
For more information, visit Western Australian Government.