Western Australia has taken a bold step to solidify its position as an innovation hub, unveiling the $30 million WA Venture Capital Initiative to diversify the State’s economy and create new opportunities for entrepreneurs and investors.
The fund, announced by Premier Roger Cook in September, is designed to address a long-standing gap in WA’s investment landscape.
This move aligns with the State’s ambitions to leverage its natural and intellectual resources to become a leading destination for global innovation and investment.
With local venture capital representing only 2.1% of the national market, the initiative seeks to attract international expertise and capital while boosting homegrown talent and innovation.
“Our WA Venture Capital Initiative will supercharge the State’s innovation ecosystem, helping us to attract and retain high-performing start-ups here in WA,” Premier Cook said.
Through a ‘fund of funds’ model, the State Government will invest in venture capital firms to leverage funding for WA-based start-ups.
The funding will be used to provide start-ups with essential capital, expert guidance and support, helping to encourage more innovative businesses to grow their operations in WA.
Filling a gap in venture capital landscape
The initiative complements broader efforts to diversify WA’s economy, targeting sectors such as renewable energy, tourism, education, defence, mining, space industries, health sciences and agriculture.
According to a report from the Chamber of Commerce and Industry WA (CCIWA), these industries hold immense potential, driven by a skilled workforce, cutting-edge infrastructure and an entrepreneurial business culture.
CCIWA Chief Executive Chris Rodwell said the initiative would fast-track homegrown innovation in WA.
“WA has world-leading skills in automation, technology and clean energy thanks to a decades-long mining boom, but we need private investment to incubate the next big ideas,” he said.
“We’ve seen overseas that when Government is willing to back entrepreneurs and innovators, it gives private investors the confidence to follow suit.
“The WA VC Initiative sends a clear signal that the Government is serious about diversifying the State’s economy.”
