- 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.
Comments attributed to 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.”