If you’re a Western Australia startup/small business looking to commercialise your innovative ideas or projects, and expand to create jobs, then apply for the Innovation Booster Grant (IBG).
IBG program for the 2023-24 academic year
The Innovation Booster Grant (IBG) represents a competitive grant program supported by the Western Australian government. It is financed through the $25.8 million New Industries Fund, which falls under the purview of the Department of Jobs, Tourism, Science, and Innovation (JTSI).
Formerly recognized as the ‘Innovation Vouchers Program’ until 2022, the IBG has undergone additional enhancements for the 2023-24 period. These modifications are geared towards specifically supporting early-stage founders of innovation-driven small enterprises and startups. The grant aims to aid them in successfully executing impactful and innovative projects, fostering expansion, and contributing to job creation.
Applicants can access a maximum grant of $40,000, with a stipulated requirement for recipients to contribute a net cash co-contribution of at least 20%, with the remaining 80% coming from the WA government funding.
For instance, in a project with a total cost of $50,000 (excluding GST), the recipient must contribute a minimum of $10,000 alongside the maximum $40,000 grant.
Online applications are accepted throughout the year via the provided links. Evaluation panels will convene at various times during the financial year, and successful recipients will be announced in due course.
Upon selection, eligible recipients can access funds for up to 12 months from the grant award date, with 75% of the funding available immediately. The remaining 25% can be claimed upon completion of all project work, subject to the submission and approval of a final acquittal report by JTSI.
Eligible activities/expenditure
The following types of activities are eligible for IBG funding:
Research and Development
- technical development
- compliance testing
- proof of concept
- product testing and validation
- laboratory verification
- certification
Product Development
- engineering design work
- prototype development
- innovation design
- building a minimum viable product (MVP)
Technology Transfer and Intellectual Property
- protection of intellectual property
- legal advice
- licensing
Commercialisation Support Services
- innovation management and consulting
- commercialisation strategies (including marketing strategies which support market entry)
- commercialisation feasibility studies.
To access comprehensive application guidelines, please refer to this link.
If you’re a Western Australian business and want the best advice to keep moving onward and upward, contact Fullstack Advisory so you can leverage our expertise and knowledge of all the grants, R&D incentives, and rebates you’re entitled to.
