Excerpt from article:
Members of WA’s startup community are calling for a $100 million commitment to extend the New Industries Fund beyond 2025, warning a failure to do so risked WA falling behind other states.
First introduced in 2017, some $42.5 million has been committed to the program since its inception – funding a slew of grant programs, educational programs and awards nights.
But funding for the program will end in June 2025, and despite various other programs to entice innovation and venture capital into WA being announced, the state government has been silent on extending the NIF.
StartupWA chair Charlie Gunningham said if the program wasn’t extended, it risked the state’s startup ecosystem losing momentum.
“We are already seeing pressure on businesses and households from the rising cost of living,” he said.
“Removing this funding would make it even harder for entrepreneurs to succeed, jeopardising not only jobs but the economic diversification that our state urgently needs.
“StartupWA believes the NIF should be a $100 million commitment over the next four years,” he said.
“The NIF is more than just a funding mechanism; it’s a lifeline for WA’s entrepreneurial talent.
“It supports cutting-edge research, new technologies, and home-grown businesses that fuel our economy.”
He said a failure to extend the program would send the wrong message to innovators and investors alike.
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Full article (paywall): ‘StartupWA calls for $100m commitment’, Sam Jones, Business News, 18 December 2024
https://www.businessnews.com.au/article/StartupWA-calls-for-100m-commitment