Innovators in Western Australia can now apply for funding through the latest round of the Innovation Booster Grant (IBG) and Commercialisation Bridge Grant (CBG) programs. These initiatives, aimed at supporting early-stage founders and innovation-driven small to medium enterprises (SMEs), have recently expanded their focus to provide enhanced assistance for regional, female, and First Nations-founded businesses.
The funding comes from the Cook Government’s $40 million New Industries and Innovation Fund (NIIF). The IBG program has played a crucial role in fostering local innovation, having awarded over $5.5 million to support 182 projects since its inception in 2021. As part of the new funding round, the maximum grant amount for the IBG has increased from $40,000 to $50,000. This increase aims to empower start-ups and innovative businesses to access essential support services, enabling them to refine, test, protect, validate, and certify their innovations.
The IBG specifically addresses the challenges innovators face, such as limited resources and capital. By providing financial backing, the program aims to help innovators execute their ideas and navigate barriers that may impede their progress.
In addition to the IBG, the CBG program, also funded through the NIIF, supports high-growth enterprises in further developing their products and intellectual property. This program aids in preparing businesses for commercialisation, ensuring they are ready to bring their products or services to both domestic and international markets. Since its launch in 2024, the CBG has awarded over $2 million to support 11 Western Australian innovators, with grants ranging from $50,000 to a new maximum of $250,000.
Applications for both funding programs opened today. The IBG program will accept applications until October 10, 2024, at 16:00, while the CBG will close on October 24, 2024, at 16:00. Interested applicants can find additional information and sign up for online information sessions on the official website of the Department of Energy and Economic Diversification.
As stated by Science and Innovation Minister Stephen Dawson, “The Cook Government is working to make Western Australia a global hub of invention, investment, innovation, and impact for start-ups and scale-ups to thrive. These programs exemplify our commitment to this vision.” Dawson emphasized that this year’s increased funding and support initiatives specifically aim to assist businesses founded by women, First Nations people, and those based in regional areas.
Through the Made in WA Plan, the government has committed $40 million over four years to support the growth of start-ups, scale-ups, and emerging enterprises, further solidifying its dedication to fostering a vibrant innovation ecosystem in Western Australia.
