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Is your business eligible for a WA specific $20K innovation voucher? Wednesday 28 Feb 2018

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On 28 February 2018, the WA State government launches $20K innovation vouchers program (IVP).

The program is an initiative of the State Government’s New Industries Fund, which aims to enable SMEs to develop greater opportunities to commercialise their ideas and innovations.

Note:

  • Applications open: 9am Wednesday 28 February 2018;
  • Applications close: 11am Wednesday 28 March 2018; and
  • Funding will be available to successful applicants from 1 July 2018.

The WA Government recognises that SMEs have great ideas, but sometimes taking these ideas and turning them into new and sustainable business opportunities with real commercial outcomes can be difficult.

The IVP is designed to assist innovators to overcome some of the barriers that exist on the path to commercialisation and aims to catalyse new relationships between companies and service providers or to move tentative collaborations into a productive relationship.

The purpose of the IVP is to:

  • Assist in the development of new or enhanced commercially-ready products or services;
  • Establish prototypes, processes or systems to attract additional investment; and
  • Address a particular technical problem that cannot be solved by the applicant, or for which the solution is not readily available.

The program allows for funding up to $20,000 per voucher to be awarded to eligible SMEs. 

Recipients will need to provide a net cash co-investment of matched funds at a rate no less than 20:80 of applicant to State Government funding.

Funding applications must fall under one of the IVP eligible expenditure categories:

  • Research and Development;
  • Product Development;
  • Technology Transfer and Intellectual Property; and
  • Commercialisation Support Services

Contact our monetisation experts to learn more about the IVP initiative or to discuss other monetisation options relevant for your business.

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