The State Budget includes almost $80 million to accelerate South Australia’s transformation to a modern, innovative economy that supports and creates jobs for the future.
One of the key learnings from the McCreadie report was that, despite the fact our State enjoys a relatively high number of start-up businesses, there was a lack of integration and funding available to those looking to develop businesses out of their ideas.
The innovation support package consists of these measures to ensure our entrepreneurs not only start up in South Australia, but stay in South Australia:
- $50 million South Australian Venture Capital Fund (SAVCF), aimed at promoting innovation by supporting new businesses, attracting venture capital, and encouraging companies to re-locate to South Australia
- $10 million for the South Australian Early Commercialisation Fund (SAECF); which will assist start-ups at the pre-seed and seed stage of development so they are better positioned to attract long-term investment
- $7.5 million for the University of South Australia’s Future Industries Institute to encourage innovation, collaboration and new industry
- $4.7 million towards the Gig City project to connect existing innovation spaces within the CBD to create an ultra-high speed broadband innovation network.
$50 million has been allocated for the Fund, which will have a mandate to invest in local early-stage companies with high growth potential. Companies re-locating to South Australia meeting this requirement will also be eligible.
The Fund will be structured to enable local companies to access venture capital and build relationships with external venture managers.
The Fund is a non-repayable State Government grant program that will support eligible companies from the proof of concept stage through to product or service development and early commercialisation.
The Fund is open to individuals and early-stage companies seeking to commercialise a product, service, or process that’s both innovative and will benefit South Australia’s economy.
Eligible companies can submit applications from Monday August 15, 2016.
Future Industries Institute
The Institute was established by the University of South Australia in 2015, and brings together the research activities of the Ian Wark Research Institute, the Mawson Institute, and the Centre for Environmental Risk Assessment and Remediation.
Research within the Institute covers four strands: energy and advanced manufacturing; minerals and resource engineering; environmental science and engineering; and bioengineering and nanomedicine.
$7.7 million has been allocated in the Budget to support innovation projects in South Australia. The State Government is committed to supporting innovation in South Australian industries and businesses which can create new markets for products and services, and create jobs.