The State Government’s bioscience agency will be given broader responsibility to promote and build South Australia’s growing reputation as a centre for innovation and entrepreneurship.
Bio Innovation SA was established in 2001 to foster the growth and development of the bioscience industry in South Australia. There is now an excellent opportunity to expand the organisation’s role developing key growth sectors in the state’s economy.
New regulations will be introduced renaming the organisation TechInSA and expanding its scope and operations so it can continue to provide assistance to the bioscience sector, but also help other high-tech industry sectors in South Australia.
During the last 15 years, BioSA has provided grants totalling $22 million to more than 240 companies. This has leveraged around $3 in private capital for every $1 of grant funding.
BioSA has also helped the establishment of more than 80 new bioscience companies, and has overseen a doubling of jobs in South Australia’s bioscience sector to around 1,700.
Under the new regulations establishing TechInSA, governance mechanisms will also be tightened around internal policies and processes, with increased accountability and reporting requirements, and a clearer relationship between the Board and the Chief Executive.
For more information see TechInSA