Shawn Ryan, of Mundaring, and his brother Glen have been fine-tuning a way to harness untapped wave power and convert it into a renewable energy source.
The awards have been running since 2006 and give small enterprises the opportunity to gain commercial interest and outside support.
Shawn, who is executive director of Bombora Wave Power, said they began �tinkering� with the wave energy idea in 2007 after realising it was a significant opportunity with a business case to match.
�At our family farm in York we built a test rig and started a pre-feasibility study, which finished in 2013,� he said.
The brothers, both qualified mechanical engineers with a background in oil and gas, drew on their wealth of knowledge to establish the Bombora Wave energy converter.
An uncontrolled prototype open to the public will be monitored from this week in the Swan River at Como Jetty.
�There will be signs installed to allow the public to see what is happening,� Shawn said.
He said the long-term benefits of wave energy could be on par with on shore wind farms, which he described as the cheapest renewable energy available to consumers.
�We are preparing to enter into a pre-feasibility report to figure out the dollar per mega watt,� he said.
�But (for the consumer) the cost could eventually be comparable with wind as it�s the same electrical current.�
The winning innovation will be announced on November 4 after the finalists pitch to a panel of judges.