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 (IVP) was created as a competitive grant program to assist small to medium enterprises (SMEs) get a step closer to commercialising their innovations by developing collaborative relationships with research providers and specialist commercialisation support services and removing some of the barriers that exist.
In accordance with the New Industries Fund, the objectives of the IVP 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.
Wednesday 28 March 2018 – 11am (AEST)
What grants or funding is available?
Financial assistance of up to $20,000 is available to eligible SMEs to access professional skills, services or knowledge to enable them to advance their innovation or commercialisation activity in Western Australia.
Financial assistance for successful applicants will cover 80% of the total eligible costs up to a maximum of $20,000. Successful applicants are required to pay the remaining 20% of total eligible costs.
If the IVP funding request is the maximum $20,000, the Applicant’s cash contribution must be $5000 or more.
If the quotation is for more than $25,000, the application is only eligible if the Applicant commits to paying the difference over $20,000.
Service Providers can be publicly funded, not-for-profit enterprises or privately owned including:
- private sector firms,
- private sector research organisations,
- vocational education and training organisations
What are the eligibility criteria?
The IVP supports activities that have strategic merit consistent with current State Government priorities, policies, programs and other initiatives contained within the New Industries Fund.
In order to be considered eligible, and to be included in the evaluation process, an application must be received by the closing date and time and meet the following criteria:
- 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.
- Items requested for funding must fall into one of the following categories:
- Research and development
- Product development
- Technology transfer and intellectual property
- Commercialisation support services
- Eligible expenditure must be incurred on or after the date the financial assistance agreement is executed.
- Service Provider’s must be an independent third party.
- Applicants (entity applying) and the innovation are only eligible for one Innovation Voucher.
Applications to the IVP must fall under one of the following eligible expenditure categories:
- Research and Development
- technical development,
- compliance testing,
- proof of concept,
- product testing and validation,
- laboratory verification,
- Product Development
- engineering design work,
- prototype development,
- innovation design.
- Technology Transfer and Intellectual Property
- protection of intellectual property,
- legal advice,
- Commercialisation Support Services
- innovation management and consulting,
- commercialisation strategies,
- commercialisation feasibility studies.
Funding cannot be spent on general business/operational/business planning activities that are usual requirements of a business.
These activities include:
- training courses,
- hardware and software purchases,
- business and strategic planning,
- design and production of marketing or promotional materials or events,
- website development, or
- maintenance and upkeep of facilities.
Please see the Program Guidelines for further information.
What is the assessment criteria?
Eligible applications will be evaluated against the following criteria:
- The applicant demonstrates how the innovation provides a competitive solution to a market need
- in Western Australia.
- The applicant demonstrates how State Government funds will be utilised to advance the
- Level of Impact/Change: The impact that State Government funds will have on:
- Generating job creation and economic diversification benefits for Western Australia.
- Delivering tangible benefits for industry and end-users.
- Capability and Capacity: that the applicant has the capability and capacity to use the specialist service outcomes to advance their idea/innovation.
- Collaboration: that the applicant demonstrates the need to access a specialist service provider and the collaboration between the applicant and the specialist service provider matches the need of the applicant to advance their idea/innovation.
- Competitive Advantage: the proposed idea/innovation has a competitive advantage in their market (ie through differentiation – cost benefits, product features, delivery and any other unique features).
How do I apply?
The 2018 IVP Application is a one-stage competitive process available online via the IVP grant platform.
Want to get the best possible result?
Don’t wait till it’s too late. Working with Treadstone means you get the maximum grant with minimum risk and effort. We provide expert advice and take care of your application, allowing you to continue to focus on your essential business operations.
Treadstone is an experienced, outcome focused team with a proven track record of success since 2008.
To ensure you have the best chance of getting grant funding contact us or call 03 9008 5937.