New Industries Fund​ – Commercialisation Bridge Grant

Purpose and Program Overview

The New Industries Fund – Commercialisation Bridge Grant (CBG) is a competitive grant program. The Western Australian Government provides it under the $25.8 million New Industries Fund. Launched in 2023-24, the CBG helps Western Australian innovators. It bridges the gap between commercialising an innovation and building a sustainable, scalable business. The grant assists innovative businesses that can grow into large enterprises. This helps create jobs, diversify industries, and expand Western Australia’s economy.

This grant supports founders and teams. They must have operated their innovation businesses for several years. They should have early customer revenue. The grant aims to strengthen their commercial products or services. This helps with long-term profitability and global competitiveness. The program supports the Western Australian government’s broader plan to diversify the economy. It also helps build global innovative businesses, aligning with the Diversify WA framework.

Key Grant Details

• Grant amount: Between $50,000 and $200,000 per grant.
• Application open: Open all year with several cut-off dates. The next cut-off is 17 October 2024.
• Application close: Applications close at the cut-off dates. The next date to remember is 17 October 2024.
• Eligible industries/businesses: WA-based innovation-driven startups and small businesses. They must have 1 to 50 employees.
• Co-contributions: A minimum 50% cash co-contribution is required from applicants.
• Location applicability: Western Australia only.

Priority Sectors

The Commercialisation Bridge Grant is open to many sectors. It supports businesses creating scalable, commercial innovations. This is regardless of their industry. Projects must align with WA’s innovation and economic diversification goals. These are found in the Diversify WA framework.

Funding Scope

• Funding range per entity: $50,000 to $200,000.
• Funding categories/streams:
  • Capital to complete or match new funding rounds without more investor dilution.
  • Strengthening commercialised products or services for sustainable, scalable businesses.
  • Building globally focused innovative teams and businesses.
• Project timeline: Funding supports projects that bridge immediate commercialisation gaps. These lead to sustainable growth. They are typically short to medium-term.

Grant Amount in Total

Commercialisation Bridge Grant is part of the $25.8 million New Industries Fund. This fund covers many innovation support streams.

Eligibility Criteria

• Startups or small businesses based and operating in Western Australia.
• Employ between 1 and 50 full-time equivalent staff.
• Have traded for at least three years with some early customer revenue.
• Developing a commercial, innovative product or service with growth potential.
• Financially solvent and able to provide at least 50% of the funding as cash co-contribution.
• I will remain based in Washington for the project length and at least three years after.
• No previous WA government funding for the same project or initiative.
• Project spending must be for future services. It cannot be for routine business operational costs.

Eligible Activities and Expenses

• Finalisation and scaling of commercialised products or services.
• Activities to complete funding rounds and avoid more investor dilution.
• Development or improvement of business capabilities to support scaling operations.
• Building innovation teams and commercialisation readiness.
• Expenses are directly related to achieving sustainable, scalable business growth.

Assessment Process

This is a competitive and peer-reviewed grant process.

Evaluation criteria include:

• Project merit and potential for sustainable business scaling.
• Strategic alignment with WA government diversification and innovation policies.
• Value for money and good use of grant funding alongside co-contributions.
• The capability of the business and team to deliver project outcomes.
• Potential economic impact, including job creation and industry diversification.

Recent Program Updates

The program began in 2023-24. It continues to accept applications on rolling cut-off dates. The next funding cut-off is 17 October 2024. The New Industries Fund’s $25.8 million supports many grants, including the CBG. The WA government is committed to supporting innovation, commercialisation, and economic diversification.

Application Tips

• Check all eligibility criteria before applying. Pay special attention to trading history and funding co-contribution needs.
• Prepare detailed project plans and budgets. Show how the grant will bridge commercialisation gaps.
• Show how the grant complements other funding rounds. Explain how it strengthens the business without diluting investors.
• Clearly state potential economic benefits and job creation. Align these with Diversify WA priorities.
• Submit applications before the specified cut-off dates. Allow time for thorough review and documentation.

Where to Get Help

Consider consulting with a professional grant specialist like Pattens Group. We offer initial assessments to review your business’s eligibility and evaluate how well your project aligns with the grant’s objectives. You can also visit relevant government websites for application templates and further guidance.