Spacecubed's new Innovative Society Fund, supported by Lotterywest, has made its first set of grants for 2022 - and the Fund is open again for applications in its next round, closing on 22 September.
The Innovative Society Fund exists to build a stronger culture of entrepreneurship and innovation in Western Australia, and the five initial grants have been made from the Fund's two separate components - Lotterywest IdeaStarter and Catalyst.
In its first round, one Catalyst grant was approved, aligning with the grant’s aim to strengthen and develop the innovation ecosystem in Western Australia. This funding supports not-for-profit organisations who have a project to strengthen, progress or grow the innovation ecosystem.
This Catalyst grant was approved for:
- IPS Foundation - $23,000, towards an extension to IPS’ 2022 "CREATE" online program, for up to 12 regional program participants. The entrepreneurs will receive one-on-one mentoring and idea development support tailored to the ideas they are developing in the program.
Under the first round of Lotterywest IdeaStarter, funding for a total of 28 ‘early stage’ innovative ideas were approved, with an aim to accelerate the number of Western Australians inspired to innovate, and equip them with the ‘mind-sets, skill-sets and tool-sets’ to develop innovative solutions and opportunities that can positively contribute to Western Australia being a smart, innovative society. This funding can be used for eligible expenditure incurred to test an idea, validate that it has an opportunity and progress it towards further investment or support.
These 28 'early stage' innovative ideas will be developed through three current Western Australian incubator programs:
- IPS Foundation - $39,000, for ideas in the 2022 "CREATE" program for First Nations 'regenerative economy' entrepreneurs and small businesses (generating wealth while restoring health and balance to earth’s living systems). Funding will be allocated as $10,000 each to the top two ideas, $5,000 each to the second two, and $2,000 each to the next two.
- Centre for Entrepreneurial Research and Innovation (CERI) - $34,500, for July’s cohort of CERI’s "Concept To Creation" program and $44,275 for September’s intake. In each case, the funding will be allocated as $15,000 to the top idea, $10,000 to the second, and $5,000 to the third, and in the September intake, all participants selected into the program will receive a micro-grant of $500 towards expenditure to develop their idea through the creation of a testbed or prototype (hardware or service).
- Bloom (St Catherine's College Centre for Youth Innovation). - $69,000, for the second semester cohorts of the "Launchpad", "Shine" and "Orbit" programs. Funding will be allocated to the top ideas across the three programs, with $10,000 each to three ideas with existing momentum and $5,000 to six ‘early stage’ ideas.
This Lotterywest IdeaStarter funding is also able to prioritise the ideas of regional, Aboriginal and Torres Strait Islander and 'CaLD' entrepreneurs.
The next funding round for both Lotterywest IdeaStarter and Catalyst funds will close on 22 September 2022. Fund information, application details, and the full Funding Guidelines on eligibility and assessment, can be found below, with all applicants strongly encouraged to discuss their application with Spacecubed before applying:
Both Lotterywest IdeaStarter and Catalyst are supported by Lotterywest, as part of a 3 year grant to Spacecubed to support the growth of individuals and ideas in WA, and to build a more diverse, resilient community and economy for WA, by creating a pipeline of thriving resilient entrepreneurs, innovators and changemakers, and building a thriving, resilient and sustainable Western Australia innovation ecosystem.