What Is An Innovation Grant?

Small businesses and inventors are being encouraged to create and implement sustainable products and services with the Australian Government’s pledge of 5 billion dollars. They are called innovation grants and are part of the ‘Caring for Our Country’ program.

Startups, inventors and small or large companies used to have to worry about finding funds or investors. This put people off from pursuing their dreams and following through on their ideas. Now through government funding anyone has the ability to develop their ideas. The amount of the grants can vary between a couple of thousand to millions of dollars.

The Australian Government is offering innovative grants for nearly every industry as long as it provides benefits for the environment, community and the technological advancements as a whole. Depending on which state you, as the applicant reside in, as well as the industry will all be key factors in determining your grant eligibility.

Over in the West the WA Government has put aside 20 million dollars for innovations in its state budget, delivered by Mike Nahan in May this year. This will help focus on jobs and growth in small business and innovation.

The package adds to the existing 30 million dollars in funding for innovation and is to be spent across 4 years. Premier Barnett said that extra funding is to help “support the researchers, innovators, and startup businesses which have the greatest potential to strengthen, broaden and build the Western Australian economy.”

StartupWA was excited to hear about the extra funding and said that “the cash will go towards helping entrepreneurs and startups diversify the WA economy and create more jobs”.

This is an exciting time focusing on leveraging WA’s skills and successes in innovation and development and helping our country take advantage of diversifying our economy for the future.

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