The Government of Western Australia has invited start-ups and small businesses to apply for an Innovation Booster Grant of up to $40,000 in a bid to aid innovators to overcome barriers on the path to commercialisation.
This year, a total of $1 million will be awarded across 25 businesses, with the maximum grant amount now $40,000, up from $20,000, to increase the impact of each grant.
The funding will be awarded in four categories such as research and development, product development, technology transfer and intellectual property, as well as commercialisation support.
First introduced in 2011, the IBG is part of the McGowan Government’s $16.7 million New Industries Fund.
The fund aims to attract investment and promote the economic diversification of WA.
The fund’s objectives are to draw investment and encourage WA’s economic diversification.
Since the program’s inception, 233 grants totalling about $3.7 million have been awarded to different enterprises and start-ups.
Medtech startup Neurotologix, a prior grantee, used its 2020 award to create an intellectual property strategy.
Since then, the company has created a cutting-edge, reasonably priced remote patient monitoring system that has the potential to completely change how vertigo and dizziness are identified.
In 2022, Neurotologix won the overall WA Innovator of the Year Award, which came with a $70,000 cash reward, to further assist their research.
Innovation and ICT Minister Stephen Dawson said translating excellent ideas into marketable products is one of the most challenging tasks for businesses that prioritise innovation.
“We are excited to be doubling the grant size this year,” the minister said.
“We know that supporting our local innovators is key to unlocking the jobs of the future for Western Australians, and the diversification of the State’s economy,” he continued.
Minister Dawson also urged young and emerging innovators and start-ups to apply for the 2023 round of Innovation Booster Grants to boost their path to commercialisation.
The 2023 IBG application period begins on 15 February 2023 and ends on 15 March 2023.
