CCIWA welcomes the State Government’s commitment to offer additional support to the start-up sector in Western Australia.
The announcement of $7.2 million over three years to support UK-based startup incubator Founders Factory to establish operations in Perth will help to drive innovation and lure private investment to WA.
CCIWA Chief Economist Aaron Morey said WA is well-placed to become a key innovation hub in the Indo-Pacific region.
“Our state has the technical know-how to develop new opportunities in areas like automation, biotech, defence, agriculture and decarbonisation technologies,” Mr Morey said.
“The challenge for WA start-ups is getting the capital and guidance they need in the early stages of development to get these ideas off the ground, and this initiative will help them to do just that.
“The skills and ideas are here and with the right support, WA entrepreneurs can compete on a global scale.”
Mr Morey said support for projects at the early stage will help to deepen the pool of private investors willing to back WA innovation.
“Currently, only around 2% of the venture capital invested in Australia comes to WA, despite the significant economic contribution of our mining and agriculture sectors,” he said.
“CCIWA has advocated for efforts to support the local VC sector and this announcement is a significant step in the right direction.
“Crucially, the Founders Factory will also provide support to start-ups to secure funding as they navigate the complex road to commercialisation.”
Mr Morey said investing in innovation was a crucial part of WA’s long-term economic strategy.
“By driving innovation and supporting new ideas in a meaningful way, WA can make sure our economy is diverse and future-ready,” he said.
“WA has always punched above its weight when it comes to developing new ways of doing things, and we are confident the focus on innovation will pay dividends in the years to come.”
