The $28 million Research, Commercialisation and Startup Fund will target new and existing business and research enterprises in South Australia, with a focus on Lot Fourteen, the former Royal Adelaide Hospital site that will house a new innovation and defence hub.
Chief entrepreneur for South Australia Jim Whalley said the funds will support activities designed to further build the state’s local startup ecosystem.
“South Australians aren’t short on creativity, what we require is networking and mentoring opportunities and financial support to turn ideas into viable businesses,” Whalley said.
The assistance program has three funding streams.
Stream one will support research initiatives that will create innovative solutions or translate research into industry or commercial outcomes that address economy-wide challenges for South Australia.
Stream two provides participants with access to funding to grow their innovative early-stage businesses and is divided into three pathways: one:one matched funding of up to $100,000 to fund a startup’s early stages; two:one matched funding of up to $100,000 for early-stage startups partnered with an incubator, accelerator or value-add investor; and co-investment of between $100,000 to $1 million alongside private funding designed for companies addressing a known gap in the market with significant private investment.
Stream three aims to build South Australia’s startup ecosystem by supporting programs, events and activities that have broad benefit to the startup community.
Minister for Industry and Skills David Pisoni said the fund will be managed by the Department for Industry and Skills to support proposals that build industry research and development in the state.
“The objective of this $28 million fund is to contribute to economic growth by supporting collaboration between enterprises, researchers and universities, and encourage the establishment and growth of startups in South Australia,” Pisoni said.
The fund will complement the existing Economic and Business Growth Fund and the Regional Growth Fund to drive growth for South Australian enterprises.
South Australia’s chief scientist Professor Caroline McMillen said science and research innovation is essential to supporting the emergence of new businesses.
“This Fund will build the talent, infrastructure and collaborations required to attract investment and grow a strong knowledge-based economy in South Australia,” McMillan said.
“We encourage scientists together with their business partners to engage with the Office of the Chief Scientist to discuss how to take up the opportunities this Fund provides.”