Attention local innovators! WA’s Innovation Voucher’s Program (IVP) has just opened applications.
Available to local startups and small to medium enterprises, vouchers are worth up to $20,000 each.
The state government hopes the program will turn big ideas into local jobs and help diversify WA’s economy.
The new Innovation and ICT Minister, Don Punch says the McGowan government recognises the important role that startups play in the economy.
Applicants can receive a voucher under one of the program’s four categories; these are research and development, product development, technology transfer/intellectual property or commercialisation support.
178 vouchers have been awarded since the program’s start in 2011. Together these have been worth around $3.3 million.
One startup that has benefited from these vouchers is feotal monitoring device company VitalTrace. The startup expanded from a two-person enterprise to having 16 employees after reciving a $20,000 voucher four years ago. The company has rased $1.3 million in capital.
Before drafting up and sending in your applications there is some fine print to consider. Recipients of the vouchers must contribute at least 20% of their voucher funding to be eligible. This means for example that a $25,000 package includes $20,000 voucher but also a $5000 co-contribution from the recipient startup.
The deadline for applications is 25 May 2021 ->> JTSI website.