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).
The Innovation Booster Grant (formerly known as the Innovation Vouchers Program) is one of many programs within the WA government’s New Industries Fund.
The New Industries Fund is a $16.7 million initiative (within the larger $100 million Investment Attraction and New Industries Fund) to support and accelerate new and emerging businesses to create local jobs over 4 years. Besides some other programs within the New Industries Fund that provide financial incentives, support and acceleration for new and emerging businesses and SMEs is facilitated through Innovation Hubs such as the WA AustCyber Innovation Hub, WA Data Science Innovation Hub, and MTPConnect WA Life Sciences Innovation Hub.
The IBG allows for funding of up to $20,000 to eligible startups and small businesses that are based in WA and have less than 50 employees. Recipients will need to provide a net cash co-contribution at a rate of at least 20:80, applicant-to-state government funding i.e. a funding request of $20,000 must be matched with a cash contribution of $5000 by the company – for a total quote of $25,000 (excluding GST). The IBG is a competitive grant and in 2022 a total of 34 startups and small businesses were awarded grants of up to $20,000.
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
- engineering design work
- prototype development
- innovation design
- building a minimum viable product (MVP)
Technology Transfer and Intellectual Property
- protection of intellectual property
- legal advice
Commercialisation Support Services
- innovation management and consulting
- commercialisation strategies (including marketing strategies which support market entry)
- commercialisation feasibility studies.
Applications for 2022 were received over 7 weeks in the March/April period, so keep that period in mind for the coming year if you think it’s a good opportunity for you to pursue.
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.