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Western Australia launches regional component of New Industries Fund

Western Australia launches regional component of New Industries Fund

The Government of Western Australia (WA) has launched
the A$4.5 million regional
component
of the New
Industries Fund
to drive innovation, diversification and job creation
across regional Western Australia. Up to $300,000 will be allocated to each of
the nine regions for initiatives that build a regional innovation pipeline and
drive job creation at a local level.

The Departments of Jobs,
Tourism, Science and Innovation
and Primary
Industries and Regional Development
 are working together to identify
strategically important industries and areas for investment.

The funding will target small-medium enterprises (SMEs),
start-ups, organisations providing innovation support in the regions and
transforming existing businesses to seize new industry opportunities.

A further A$1.4 million will be invested in inter-regional
projects that drive collaboration between innovators across the State to
promote economic diversification and job growth.

Projects that could be considered under the inter-regional
stream include technology development initiatives to support regional growth
and development programs, and commercialisation support for regional start-ups
and SMEs.

Each region will establish a Regional Innovation Partnership
to collaboratively identify strategic projects that have the greatest potential
to grow regional communities.

Submissions will be considered by an independent assessment
panel who will make recommendations to the State Government on the allocation
of funding. Organisations and businesses can register to join a Regional
Innovation Partnership at http://www.newindustries.wa.gov.au.

Roadshow briefings, to explain how the fund works, will be held
in each region over the next two months.

Regional Development Minister, Alannah MacTiernan said, “Innovation
is critical to building the capability and economic sustainability of our
regional communities. This funding will support our regions to develop their
unique competitive advantages, focusing on developing new businesses and
industries as well as helping existing businesses transform to meet the
challenges of the 21st century.”

“Regional communities have some of the most innovative
people in the world. As the world economy is disrupted by new technologies, it
is important that regional Western Australia remains at the cutting edge,”
added Innovation and ICT Minister, Dave Kelly.

The New Industries Fund is a A$16.7 million fund over four
years to support and grow local jobs by building on Western
Australia’s competitive advantages in sectors like agribusiness, life sciences,
tourism, resources, education and training, space, defence, digital data and
cybersecurity, both in Perth and in the regions. Existing, successful
Government initiatives such as the  WA Innovator of the Year  and
the Innovation Vouchers Program will
continue to receive support through the fund, however all initiatives will
be reviewed to ensure a greater focus on creating WA jobs. 

As part of the fund, government support for development of
the Joondalup Innovation Hub was announced on 28 November 2017. The Joondalup
Innovation Hub will initially focus on cyber security. Edith Cowan University, a
principal partner in the A$50 million Cyber
Security Cooperative Research Centre
, will house the Innovation Hub at its
Joondalup campus.  

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