The Government of Western Australia has unveiled a $30 million initiative to energise the state’s innovation sector and boost local employment. The new WA Venture Capital (WAVC) Initiative is designed to provide essential funding and support to early-stage businesses, aiming to unlock growth potential and drive job creation across the region.
This ambitious programme is set to transform the local venture capital landscape by increasing the availability of investment for innovative Western Australian companies. The WAVC Initiative employs a ‘Fund of Funds’ model, where the state government invests in venture capital firms. This approach is intended to amplify funding opportunities for WA-based start-ups, thereby fostering a more dynamic and sustainable innovation ecosystem.
By offering vital capital, expert advice, and operational support, the initiative is geared towards nurturing local start-ups and encouraging them to expand their operations within the state. This development follows the success of the WA Venture Support (WAVES) programme, which previously laid the groundwork for venture capital activity in Western Australia by establishing three venture capital funds dedicated to supporting local innovation.
The $30 million investment is expected to draw additional venture capital into the state, significantly enhancing WA’s venture capital landscape. Currently, Western Australia holds just 2.1% of the national venture capital share, placing it second to last among all Australian jurisdictions. The new initiative aims to change this status by providing a substantial boost to the state’s venture capital ecosystem.
Premier Roger Cook expressed the government’s commitment to job creation and economic diversification. “My Government is focused on creating local jobs and diversifying our economy to ensure long-term success for WA,” he said. Cook emphasised that start-ups are pivotal in job creation and have the potential to add thousands of new positions to the state’s economy. He believes that fostering a supportive environment is crucial for these businesses to thrive. The WAVC Initiative, according to Cook, will significantly enhance the state’s innovation ecosystem, making WA an attractive location for high-performing start-ups.
Innovation and the Digital Economy Minister Stephen Dawson echoed this sentiment, highlighting the broader benefits of the initiative. “Expanding our state’s venture capital ecosystem will not only encourage more investment but also make WA an appealing base for operations and innovation,” Dawson noted. He is enthusiastic about how the WAVC Initiative will leverage private sector expertise to offer essential capital and support to start-ups. Dawson anticipates that the initiative will create new opportunities for local businesses, contributing to a vibrant and thriving innovation sector in Western Australia.
The new initiative is part of the Cook Government’s broader strategy to diversify WA’s economy and establish the state as a key player in the innovation sector. By supporting early-stage businesses through strategic investments and expert guidance, the government aims to stimulate economic growth and create a sustainable environment for start-ups.
The program is open to global Venture Capital (VC) firms to invest in startup and scaleup businesses across the following priority industry sectors:
- Energy
- Tourism, events and creative industries
- International education
- Defence industries
- Mining and METS
- Space industries
- Health and medical life sciences
- Primary industries
This $30 million investment represents a significant commitment to advancing Western Australia’s venture capital landscape and fostering a robust start-up culture. The WAVC Initiative is poised to play a crucial role in shaping the future of innovation and economic development in the state, providing both immediate and long-term benefits to local businesses and the broader community.
For further details about the WAVC Initiative, including application information, visit: WA Venture Capital Initiative Application Information.
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