Applications are now open for 2017 Innovation Vouchers Program (IVP), a competitive grant program to help WA small to medium enterprises (SMEs) get a step closer to commercialising their innovations.
The program, which was launched jointly by the Ministers for Innovation and Small Business earlier this year, is part of the Government’s $20 million Innovation Strategy, with a $400,000 fund available for Western Australian innovators.
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;
- assist a company to develop connections, seek investment or win contracts with business partners or in exports; and
- address a particular technical problem that cannot be solved by the applicant, or for which the solution is not readily available.
The IVP provides financial assistance (up to $20,000) to SME applicants who clearly demonstrate they meet the evaluation criteria.
For the first time IVP is offering two types of funding – the option to engage an independent third party service provider, or the ability for applicants to undertake an innovative project using existing internal resources. By selecting the ‘In-House’ funding stream, applicants will be applying to use the grant to fund the services of their existing business in one of the eligible expenditure categories.
‘Proof of Market’ is a new expenditure category. Eligible expenditure includes attendance at trade delegations/trade shows as an exhibitor or attendee; specific customer/investor engagement activities; or travel to engage with potential investors or major customers.
Grants may be used to cover the costs of Intellectual Property (IP) services including IP protection, legal advice and licensing.
But be quick, applications close on 31 March 2017.
Further details about the program, including frequently asked questions, can be found at: https://www.innovation.wa.gov.au/opportunity/innovation-vouchers