WA Government launches new innovation strategy
The WA Government launched its first-ever Innovation at the WA Innovator of the Year awards ceremony on 2nd November. A key pillar of the $20 million Strategy that outlines the WA Government’s vision to foster and expand WA’s dynamic innovation economy is a $5.5 million program in which the State Government co-invests with tech-focused angel investors.
The plan comes after a four-month collaborative process with industry, beginning with a WA innovation summit in July, where more than 770 ideas were generated from 250 industry experts. The Office of the Chief Information Officer then culled the ideas, dividing them into four areas:
- Talent and skills
- Investment and infrastructure
- Culture and collaboration
- Marketing and promotion
The biggest monetary investment comes through the Government’s WA Start Up Program. It will see the Government match investment with angel investors to “provide innovators with opportunities to scale their business ventures.” The Government said co-funding from its end could only come if a private investor was “committed” and the investment decision was aligned with “pre-determined guidelines”.
Innovation Minister Bill Marmion commented: “We are nurturing an environment where innovation, entrepreneurship and commercialisation are the norm. We need our businesses and industry partners to be equipped to expand their existing and future capabilities locally, benefiting the State’s economy and creating new jobs. This Government engaged with hundreds of experts from across the State’s innovation economy to create this four-year strategy. The document’s key concepts have been drawn from the very people it is designed to support.”
Other key areas outlined in the Strategy include:
- Continued sponsorship of the Start it Up WA Challenge and the WA Innovator of the Year programs
- Up to $500,000 for programs that “teach entrepreneurship”
- An annual innovation summit
- The creation of an innovation portal
- $500,000 funding for innovations that meet “Government priorities”
- The creation of a $1 million university innovation commercialisation fund
- WA’s eight worldwide trade offices to become “landing pads”
To view the WA Innovation Strategy, click here