WA New Industries Fund Commercialisation Bridge Grant

WA New Industries Fund – Commercialisation Bridge Grant

  • The upcoming cut-off date is 17 October 2024.
  • Grants ranging from $50,000 to $200,000 are on offer. Successful applicants must contribute a net cash co-contribution of at least 50:50 alongside the funding provided by the WA government.

The Commercialisation Bridge Grant (CBG) stands as a competitive government grant initiative in Western Australia, funded through the $25.8 million New Industries Fund. Its primary objective is to support innovators in Western Australia in bridging the gap between their commercialised innovations and the establishment of a viable business.

Key Requirements

The CBG aims to aid founders or teams based in Western Australia who have been cultivating their innovation-driven businesses for several years, possessing existing customers and the capability to establish a scalable, multi-million dollar enterprise.

It facilitates contribution to, matching, and finalising new funding rounds, all while avoiding additional investor dilution. Furthermore, it supports the enhancement of their commercialised product or service to ensure it evolves into a sustainable, profitable, and scalable business. The grant also encourages the establishment of globally-focused innovative businesses and teams, contributing to job creation, the development of new industries, and assisting in the diversification of the WA economy in accordance with the Diversify WA framework.

Matching grants ranging from $50,000 to $200,000 are available. Successful applicants must commit to a net cash co-contribution of at least 50:50 alongside this funding from the WA government.

For instance, a project costing $400,000 (excluding GST) would necessitate the recipient to match the $200,000 grant with their own $200,000 funding. The minimum grant request stands at $50,000.

Upon selection, eligible recipients can access funds for up to 12 months following the initial grant approval, unless an extension is agreed upon with JTSI (Department of Jobs, Tourism, Science and Innovation). Half of the funding will be available upfront, with the remaining 50% accessible at two subsequent stages: upon reaching a mid-term milestone (an additional 25%) and upon project completion, subject to submission and approval of a final acquittal report by JTSI (the final 25%).

While the CBG program operates year-round, it observes specific ‘cut-off dates’ for downloading and assessing the latest submissions.

Once these dates pass, submitted applications cannot be altered. If your application isn’t ready for assessment, refrain from submitting it and continue refining it until it’s ready. The next ‘cut-off date’ for submissions pertaining to the 2023/24 financial year is 4 April 2024. Additional ‘cut-off dates’ will be disclosed for the 2024/25 financial year in due course.

What is eligible for funding?

The items for which funding is sought by the applicant fall under one or more of the following four categories:

  1. Product Readiness:
    • laboratory verification
    • necessary certification
    • software development and tech work
    • machining and tooling
    • product testing and validation
  2. Team Readiness:
    • hiring experienced C-suite personnel
    • adding to the team to fill skill and experience gaps
    • developing an advisory board
  3. IP Readiness:
    • protection of intellectual property through patents and other safeguards in various countries
    • legal and professional advice
    • licensing
  4. Commercialisation Readiness:
    • innovation management and consulting services
    • commercialisation, growth, and marketing efforts
    • preparing to enter new markets
    • export readiness

It’s crucial for applicants to clearly indicate whether they’ll be utilising internal or external resources in their proposed project. If the project gets approved, upon completion, applicants must provide financial evidence, such as paid invoices, during the project acquittal process.

What companies are eligible for funding?

A typical startup or small business eligible for CBG funding should meet the following criteria:

  • Your business is based in Western Australia.
  • It possesses a current Australian Business Number (ABN) and/or Australian Company Number (ACN).
  • Your business has been operational for at least three years.
  • You have developed a commercial innovation and generated some early customer revenues.
  • While you haven’t yet experienced breakthrough growth, your business demonstrates the potential for such expansion.
  • Your project is scalable and innovative, with a focus on development within Western Australia.
  • Your business commits to remaining in Western Australia for at least the next three years.
  • You are a WA-based startup or small business with a staff count ranging between one and 50 employees.
  • Financially, your business is solvent and capable of contributing at least 50% of the requested project funding costs.
  • The CBG funding will not be allocated towards regular operational expenses.
  • The requested eligible expenditure is for services to be provided in the future.
  • You have not previously received or are likely to receive funding from the Western Australian government for the same project or initiative.
  • You have not previously been awarded a CBG.
  • You have not and will not claim the same project expenses for other government grants and refunds, such as the R&D tax incentive.
  • Applications must be submitted via the Good Grants platform.

Is this grant competitive or entitlement based?

Competitive. Your application will be assessed among other applications by a judging panel.

How can I increase my chances of winning this grant?

By engaging an accredited government grants consultant, such as Avant Group.

Competitive grants often require significant business case development and project analysis to support the application, this may include detailed presentations supporting the project’s merit, projected sales, cost-benefit analysis and more.

As part of your engagement with Avant Group, your account manager will assess the required documents and will provide the following as needed to support your grant submission.

Grant application writeup including a detailed presentation illustrating how the grant funding will contribute to your project, how the funding will contribute to the project’s budget, a project milestone plan, delivery timeline, impact on employment if applicable and a breakdown of the management and leadership team for the project

  • Industry analysis presentation
  • Competitor Analysis Presentation
  • Marketing and Sales Analysis Presentation
  • 3-5 year Cashflow Forecast
  • 3-5 year Balance Sheet Forecast
  • Cost-Benefit Analysis of Grant Funding
  • End-to-end grant application including information collating, analysis and application writing
  • CAPEX (Capital Expenditure) cost-benefit analysis
  • Stakeholder relations and Risk Mitigation Plans
  • Any other relevant forecasting that will support your application

How can I get help with my application? Or know if I’m likely to win funding?

Avant Group offers a no-obligation assessment of your eligibility for funding and will assess your likelihood of a successful grant application.