When the federal government soon starts handing out $392 million in cash to start-ups and small businesses with the noble aim of boosting innovation and productivity, there will surely be grand aspirations to fund another world-beating unicorn.

Graduates of the 13-year-old commercialisation program include design software powerhouse Canva, which got a $1.4 million grant in 2013 and is now worth about $39 billion, and safety software start-up SafetyCulture, which got a grant of $1.2 million in 2013 and is now worth $2.7 billion.