Western Australian startup lobby StartupWA has welcomed the Cook government’s just launched ‘Made in WA’ industry strategy, in particular the renewal of the state’s New Industries Fund.
WA Premier Roger Cook unveiled a manufacturing focused set of election commitments under its Made in WA plan, but also committed an additional $40 million over four years to the startup fund.
Western Australian voters go to the polls on March 8.
The 32-page Made in WA industry strategy is primarily targeted at large-scale manufacturing and infrastructure. But its priority also hold opportunities for startups in clean energy, advanced manufacturing, space tech, biofuels, defence and creative industries.
StartupWA had been pushing for government to commit $100 million over four years to the New Industries Fund. While the $40 million commitment falls short of StartupWA’s ambition, the renewal of the fund – which would have run out of funding at the end of the financial year – was a positive.
The New Industries Fund was first set up in 2017 with a modest $16.7 million over four years. The $40 million commitment would fund the program to 2029, if the Cook government is returned on March 8.
StartupWA chair Charlie Gunningham said the funding boost would the local funnel of new companies that can scale, create jobs and help diversify the economy.
The NIF includes programs such as:
- The Innovation Booster Grant ($40,000 grants for early-stage entrepreneurs)
- Commercialisation Bridge Grants ($200,000 for scaling companies, already commercialised)
- X-TEND WA Grant (up to $150,000 for programs to accelerate the sector)
- The WA Innovators of the Year program
- The four (soon to be five) Innovation Hubs (three funded by the NIF)
- Sponsorships for Dealroom, WestTech Fest, and other startup initiatives
“It is good to see the Cook government promising the renewal and further extension of the … New Industries Fund and its highly over-subscribed programs,” Mr Gunningham said.
“It is now eight years old, and this announcement promises another four years of life.
“This will give heart, and all-important support, to the exciting startup sector in WA, which has already yielded unicorn companies, and others worth well over $100 million, creating new jobs and helping to diversify the local economy.
“We have been calling for a $100 million fund over four years ($25 million/year), so although this may not the level we asked for, we are happy to hear that the NIF will be extended for another term of government, as promised by the Cook government, should it win power again on March 8.”
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