The WA Government is providing a new 50:50 matching grant (of up to $200K) to help local innovators scale up their business.
The Commercialisation Bridge Grant (CBG) is designed to help established WA startups “bridge the funding gap” between a commercialised innovation and a sustainable, scalable business. What is sometimes known as the notorious “Valley of Death”.
Funded by JTSI’s New Industries Fund, grants are available from $50,000 to $200,000, with a requirement for the applicant to provide 50% of matched funding. So, if you want a $100K grant, then you need to provide $100K, to make $200K in total overall. If you want the full $200K, then you have to match it with another $200K.
For successful applicants, fifty per cent of the grant funding will be available upfront, with the first assessments taking place in April/May 2024.
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.
Innovation Minister Stephen Dawson announced the new grant at this week’s WA Innovator of the Year Awards on Tuesday night.
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.
Innovation and the Digital Economy Minister Stephen Dawson
Innovation Booster – also open all year round
The CBG grant stream complements the ever popular 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 throughout the year, instead of a single four-week period annually. This means applicants can submit when it suits them, and they have their respective project and matching funds in order. Both are open already, for applications, and will be all year round.
“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,” said Minister Dawson.
“By having applicants submit their project any time during the year they can present when they are ready, not when a deadline says so.”
Last February, when the IBG was last opened publicly, more than 440 people applied within the 4 week window. 43 grants were duly announced in July, worth over $1.6 million. This meant it was more than ten times oversubscribed.
Since the IBG program began in 2011 there have been more than 270 grants awarded, worth more than $5 million. This year, there will be two opportunities for IBGs to be assessed, one in January/February and another in April/May. Exact submission deadlines are shown on the online application platform.
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 was 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.
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For further information about the grants program then please click on this link:
- Innovation Booster Grants (up to $40K)
- Commercialisation Bridge Grant (up to $200K)
