- Cook Government announces new innovation grants, with up to $200,000 on offer
- New program targets innovators trying to commercialise their projects
- Applicants for the innovation grants can now apply year-round
The Cook Government is providing a new stream of grant funding to help Western Australian innovators scale up the growth of their business to commercialisation.
The Commercialisation Bridge Grant (CBG) program will assist WA innovators to bridge the gap between a commercialised innovation and a sustainable, scalable business.
The CBG program, which is supported by the New Industries Fund, is designed to help create more jobs and generate economic diversification for Western Australia.
Applications can now be made for grants ranging from $50,000 to $200,000, with a requirement for matched funding. Fifty per cent of the grant funding will be available upfront.
The CBG can be spent on developing the product, putting together the team, intellectual property, and commercialisation readiness, and can be deployed using both internal and external resources.
The CBG grant stream complements the highly successful Innovation Booster Grant (IBG), which provides up to $40,000 with a minimum of 20 per cent matched funds. The IBG suits early-stage entrepreneurs and innovators looking to build a minimum viable product.
In a significant change, both programs are now inviting applications multiple times throughout the year, instead of a single four-week period annually.
Since the IBG program began in 2011 there have been more than 270 grants awarded, worth more than $5 million. Following a record number of applications earlier this year, 43 grants were announced in July, worth over $1.6 million.
Last year saw Co-Connect (an app designed to help keep mine site workers more connected, safe and engaged) awarded an IBG. The startup’s technology has since been implemented on several mine sites and the company were recently announced as a finalist in the WA Innovator of the Year awards. Total valuation of the most recent 99 recipients of an IBG currently sits at over $400 million, according to data from Dealroom.
For further information about the grants program then please click on this link: Commercialisation Bridge Grant.
As stated by Innovation and the Digital Economy Minister Stephen Dawson:
“The launch of the new Commercialisation Bridge Grants is another example of the Cook Government’s commitment to support WA innovators through their development and growth stages.
“Our Government is creating an ecosystem that enables innovators to submit their grant applications at a time which suits them, eliminating the stress and hassle of having to deal with a short window of opportunity.
“By having applicants submit their project any time during the year they can present when they are ready, not when a deadline says so.
“These programs are funded by the $25.8 million New Industries Fund, which aims to accelerate new and emerging businesses in WA.”
