$30 million Venture Capital Initiative to create local jobs

• $30 million WA Venture Capital Initiative to unlock State's innovation ecosystem
• Funding to support early-stage business growth to drive innovation and local jobs
• 'Fund of Funds' model to leverage State investment and attract venture capital
• Part of Cook Government's plan to diversify WA's economy

The Cook Government has launched a new $30 million initiative to support locally-based start-ups to scale up and create jobs for Western Australians.

The Western Australian Venture Capital (WAVC) Initiative will provide access to funding for innovative Western Australian business by increasing the availability of early-stage venture capital investment in WA.

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.

The initiative builds on the successful WA Venture Support (WAVES) program, which helped three venture capital funds establish in WA to support local innovation.

It is expected the State Government's $30 million investment will generate significant additional venture capital funding in WA. 

Despite WA's economic strength, the State's venture capital ecosystem is currently ranked second last against all jurisdictions in the country, with only 2.1 per cent of the national share.

For more information see: https://www.wa.gov.au/service/financial-management/payments/wa-venture-capital-initiative-application-information

Comments attributed to Premier Roger Cook:

"My Government is committed to creating local jobs and diversifying our economy, to set up WA for the long-term.

"Start-ups are proven job creators, capable of adding thousands of new jobs to our economy - we just need to create the environment in which they can thrive.

"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."

Comments attributed to Innovation and the Digital Economy Minister Stephen Dawson:

"Increasing our State's venture capital ecosystem will benefit all of us, it will encourage more investment and encourage others to choose WA as a base of operations and the place to innovate.

"The WAVC Initiative will leverage private sector experience to provide start-ups with essential capital, expert guidance, and support to grow.

"I am looking forward to seeing how the WAVC Initiative will help create new opportunities to support local start-ups grow and contribute to a thriving innovation ecosystem in WA."