Angel investors are being called upon to support South Australia's entrepreneurs and early-stage businesses to commercialise their innovative products, processes or services.
The Activate Angels initiative, a new stream of the Research, Commercialisation and Startup Fund (RCSF), will help South Australian startups to access private sector funding to scale up their businesses.
"South Australia needs a robust 'angel investor' network if companies are to progress to a point where they can access other sources of funding to fuel their growth, such as venture capital," Minister for Innovation and Skills David Pisoni said.
"Active and well-coordinated angel groups play a critical role in startup ecosystems, providing more than just investment from members. They also provide valuable strategic and operational expertise and access to trusted networks and target markets.
"The Activate Angels initiative will provide funding to establish a strong and highly active local angel group that will raise awareness of angel investing, facilitate education in angel investing and improve the investor-readiness of startups."
A total funding pool of up to $450,000 has been allocated to the Activate Angels initiative with funding provided on a matched 1:1 basis, and may be provided over a maximum of three years.
Applications are now open and participants will commit to developing and nurturing a community of angel investors, developing knowledge and skills in early stage investing, developing relationships with interstate and international investors and curating a pipeline of investible companies.
The RSCF was established to help build the state's entrepreneurial ecosystem and reputation for research excellence.
"The Activate Angels initiative is a key action in the FIXE Strategy, to ensure we mobilise the capital required to make South Australia a global leader in entrepreneurship," Minister Pisoni said.
South Australia's Chief Entrepreneur Mr Jim Whalley said Activate Angels is an important initiative that will unlock private sector seed capital to support the growth of our innovative early stage startup businesses and will complement other significant investments the State Government is making to support the startup ecosystem in South Australia.
To apply for the Activate Angels initiative, and to learn more about the Research, Commercialisation and Startup Fund, visit the Department for Innovation and Skills website.
