Western Australian entrepreneurs, companies and research teams are eligible for a share of $140,000 as part of the 2016 WA Innovator of the Year program.
Commerce Minister Michael Mischin said the program provided a range of support to Western Australian innovators navigating the commercialisation process.
"Now in its 10th year, the program has provided more than $2 million in financial and professional support to individuals and businesses to help develop their breakthrough ideas," Mr Mischin said.
"During this time, the program has uncovered local innovations that have gone on to be very successful and made a real difference to the industry sector they support.
"For example, last year's winner Kashif Saleem is now in discussions with Woodside regarding his equipment location technology, Track'em, and very recently announced his intention to list on the ASX by the end of the year."
Successful applicants will receive financial support as well as a mix of business capability training, one-on-one mentoring sessions, marketing and networking opportunities and invaluable public exposure for their innovation.
The Minister said in addition to prize money and coaching, the overall winner would also have access to three PhD candidates to assist with further research and development through the iPREP WA program.
"This is an invaluable opportunity for both parties," he said.
"Our successful WA Innovator of the Year will have a team of dedicated researchers over six weeks at no cost, and the participating candidates develop vital skills that can be applied to their future employment."
Applications close at 3pm, Wednesday June 1, 2016
The program features two categories: emerging innovation (pre-revenue, $25,000 prize money) and growth (post-revenue, $25,000 prize money)
The Mitsubishi Corporation WA Innovator the Year overall winner ($75,000 prize money) is chosen from these two categories
The principal sponsor is Mitsubishi Corporation with additional support from encouragement award sponsor, Woodside; gold sponsors - Business News, iPREP WA, South32; and silver sponsors - Murfett Legal, Perth Convention Bureau, VentureCast, Watermark and Wrays
Minister's office - 6552 5600