Up to $20,000 is available from Innovation Vouchers Program to help SMEs to commercialise their ideas and innovations and expand to create jobs.
Innovation Vouchers Program (IVP)
The Innovation Vouchers Program (IVP) is a competitive grant program established by the Western Australian Government with the aim of enabling small to medium enterprises (SMEs) to improve their capability and commercialise their ideas/innovations through accessing and establishing collaborative relationships with research providers and/or specialist commercialisation support services.
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 Innovation Vouchers Program is designed to assist innovators overcome some of the barriers that exist on the path to commercialisation. It aims to catalyse new relationships between companies and service providers or to move tentative collaborations into a productive relationship.
In accordance with the New Industries Fund, the objectives of the Innovation Vouchers Program are to:
- Stimulate the WA SME sector through the support of innovation initiatives;
- Decrease the commercialisation gap;
- Activate industry-government-research collaborations;
- Increase research and development (R&D) investment into WA; and
- Promote job creation and economic diversification in WA.
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;
- 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
- Commercialisation Support Services
The applicant must:
- Have an Australian Business Number (ABN) and/or Australian Company Number (ACN) with the business registered in Western Australia;
- Be developing their innovation in Western Australia;
- Be a solvent Western Australian based SME that employs less than 200 people (including sole traders, private sector firms, partnerships and non-profit entities);
- Have evidence of a net cash co-investment of matched funds at a rate no less than 20:80 of applicant to State Government funding. All co-investment items may be subject to an independent audit. Note: State Government department resources cannot be leveraged against the program unless prior written agreement form the Minister for Innovation is obtained.
- Not have received, nor is likely to receive, other State Government funding for the same project/initiative.
Applications close 28 March 2018.