New Industries Fund: Innovation Booster Grant

Purpose and Program Overview

The New Industries Fund – Innovation Booster Grant (IBG) is a Western Australian government initiative designed to support startups and small businesses in commercialising innovative projects. Its primary objective is to help these businesses overcome barriers to bringing new products, services, or processes to market, thereby facilitating job creation, industry diversification, and economic growth in Western Australia.

Funded through the $25.8 million New Industries Fund under the Department of Jobs, Tourism, Science and Innovation (JTSI), the IBG fosters collaboration between innovators, research providers, and commercialisation support services. The program is intended to accelerate the development of commercially viable innovations, build industry partnerships, and enhance the state’s innovation ecosystem.

Key Grant Details

• Grant amount: Up to $40,000 per grant
• Application open: Applications accepted year-round; subject to cut-off dates for assessment (next cut-off 15 August 2024)
• Application close: Currently closed for 2024; expected reopening in 2025 (check official updates)
• Eligible industries/businesses: Startups and small businesses based in Western Australia, employing between 1 and 25 people
• Co-contributions: Minimum co-contribution of 20% of total eligible project costs required (maximum 80% grant funding)
• Location applicability: Western Australia only

Priority Sectors

The IGP Innovation Booster Grant is open to a broad range of industries, with no narrowly defined sector restrictions. It supports innovative projects across technology, manufacturing, health, environmental solutions, and other emerging sectors aligned with Western Australia’s innovation priorities.

Funding Scope

• Minimum and maximum amounts: Up to $40,000 per grant; minimum amount not specified
• Funding categories:
  • Commercialisation of innovative ideas or products
  • Development of prototypes, processes, or systems that attract investment or customers
  • Access to professional skills, services, or knowledge via third-party service providers
• Project timeline: Funding is typically intended for activities that can be completed within a reasonable commercialisation timeframe, as agreed in the funding contract

Grant Amount in Total

• The New Industries Fund holds a total allocation of $25.8 million, which funds the Innovation Booster Grant along with other innovation support programs.

Eligibility Criteria

• Registered as a WA-based startup or small business with an Australian Business Number (ABN) or Australian Company Number (ACN)
• Employs between 1 and 25 full-time equivalent employees
• Financially solvent and capable of meeting co-contribution requirements
• The project must be located in Western Australia and primarily conducted there
• Has not previously received an Innovation Booster Grant or similar funding for the same project
• Will not use the grant for routine business operational expenses (“business as usual”)
• Must engage independent third-party service providers if services are subcontracted
• Commitment to remain based in WA for the duration of the project and at least three years thereafter

Eligible Activities and Expenses

• Hiring or contracting specialist expertise for product or service development
• Research and development activities linked to innovation commercialisation
• Development of prototypes or proof of concept for new products or services
• Technical, testing, or regulatory compliance services are essential to product readiness
• Business planning, market validation, and commercial strategy development
• Collaboration costs with research providers or commercialisation specialists

Assessment Process

• Competitive, peer-reviewed grant process
• Key evaluation criteria include:
  • Need for funding and how it addresses commercialisation barriers
  • Potential impact on job creation, economic diversification, and industry benefits in WA
  • Capability and capacity of the applicant and project team
  • Competitive advantage and market differentiation of the innovation
  • Level and benefit of collaboration with mentors, advisors, or service providers
  • Alignment with WA government innovation strategies and priorities
  • Value for money relative to the grant funding requested

Recent Program Updates

• The 2024 funding round for the Innovation Booster Grant is currently closed; future rounds are expected in 2025 with updated guidelines and cut-off dates
• The New Industries Fund was renewed with a $40 million commitment over four years to boost innovation-based technologies and startups in WA
• Program enhancements focus on strengthening industry-government-research collaborations and increasing R&D investment in Western Australia

Application Tips

• Review all eligibility requirements thoroughly, particularly regarding business size, location, and previous funding
• Prepare detailed project documentation, including a clear project plan, budget, and quotations from independent service providers
• Ensure co-contributions (minimum 20%) are financially secured and well documented
• Align your application with WA government innovation priorities and demonstrate clear commercialisation potential
• Highlight collaborative relationships with experts, mentors, or research institutions where applicable
• Submit applications by the specified cut-off dates to ensure timely assessment

Where to Get Help for Innovation Booster Grant

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.