The McGowan Government is expanding the investment pool for local startups with a new pilot program to bolster venture capital funding in the State.
The WA Venture Support program (WAVES) is a new three-year pilot grant program to encourage the formation of new early stage venture funds in the State. The funds are then invested in local startups, innovators and entrepreneurs.
Innovation and ICT Minister Stephen Dawson said WAVES was designed to attract the funds that will support the commercialisation of the promising ideas generated by Western Australia's growing early-stage innovation ecosystem.
As part of the pilot program up to three funds will each receive $100,000 in matched annual funding for three years. The funding will contribute towards the operational costs.
WAVES is funded through the McGowan Government's $16.7 million New Industries Fund, which supports new and emerging businesses to diversify the WA economy and create new jobs.
Applications are now open and will close on 9 November. For more information on WAVES and how to apply, visit: JTSI Western Australian venture support.
As stated by Innovation and ICT Minister Stephen Dawson:
"While there is already capital investment taking place in Western Australia, we have a significant opportunity to attract more venture capital to support early stage startups.
"The new WAVES grant program is another opportunity for the Government to explore the level of interest and appetite for businesses to invest in startups.
"Our aim is to use this pilot program to assess how we can improve and attract the availability for capital to support our most promising early-stage startups. This will create more opportunities for their success.
"Not only will this initiative help local early stage startups to compete on the international stage, the program will be a catalyst to strengthen the WA startup ecosystem."
