September 26, 2020

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South Australian start-up sector to receive funding

A A$ 28 million assistance program was launched by the South Australian State Government in order to support new and existing businesses and research enterprises, with a focus on the former Royal Adelaide Hospital site, which is now known as Lot Fourteen.

According to a recent press release, the Research, Commercialisation and Start-up Fund (RCSF) will support research programs that stimulate and encourage the creation of more start-up businesses in South Australia.

Minister for Industry and Skills David Pisoni shared that the fund will be managed by the Department for Industry and Skills.

The funding aims to support proposals that build industry research and development capability in South Australia, advance scientific research and help entrepreneurs market their ideas.

This fund will compliment two other state government schemes: the Economic and Business Growth Fund, to be managed by the Department of Treasury and Finance; and the Regional Growth Fund, to be managed by the Department of Primary Industries and Regions.

The objective of this A$ 28 million fund is to contribute to the economic growth by supporting collaboration between enterprises, researchers and universities.

Moreover, it will encourage the establishment and growth of start-ups in South Australia.

South Australia’s Chief Scientist Professor Caroline McMillen said science and research delivers innovation, which underpins competitive industries and drives 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.

Scientists are being encouraged, 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.

The Research Commercialisation and Startup Fund will turn bold ideas into real profit according to the Chief Entrepreneur for South Australia Mr Jim Whalley.

South Australians are not short on creativity. What they require is networking and mentoring opportunities and financial support to turn ideas into viable businesses.

The Fund addresses this need, funding activities designed to further build the local start-up ecosystem, connect it globally and provide several funding pathways to support entrepreneurs who are looking to launch or scale-up.

Applicants should email the Department for Industry and Skills to initiate a discussion of their proposal ahead of submitting an expression of interest application.

The RCSF is comprised of three competitive funding streams.

Stream 1 is the Strategic Research Initiatives.

This stream supports research initiatives that will create innovative solutions or translate research into industry or commercial outcomes that address economy-wide challenges for South Australia.

Stream 2 is the Startup and Early Stage Company Incentive.

This stream provides entrepreneurs with funding to start and scale their innovative early-stage business.

Stream 3 is the Entrepreneurship and Innovation Ecosystem Initiatives.

This stream supports programs, events and activities that have broad benefit to the startup community.

Stream 1 and 3 calls for proposals to address specific initiatives and will be announced with details of timing and funding to be specified from time to time.

Funding is awarded on a competitive basis.