Western Australia is setting the stage for a vibrant innovation ecosystem with the launch of the $30 million WA Venture Capital (WAVC) Initiative. Designed to foster the growth of early-stage businesses, the initiative aims to provide essential capital and guidance to local start-ups, driving job creation and boosting the state’s economy. By adopting a ‘Fund of Funds’ approach, the state government hopes to attract further investment while addressing the current venture capital shortfall. This move reinforces Premier Roger Cook’s commitment to economic diversification and local job creation.
WA’s venture capital scene has lagged behind other Australian states, holding only a 2.1% share of the national ecosystem. With this new initiative, the state seeks to elevate its standing, helping local start-ups access vital funding to scale their operations. These efforts build on the success of the WA Venture Support (WAVES) programme, which previously laid the groundwork for venture capital activity in the region. Now, the WAVC will expand those efforts, enabling local businesses to flourish.
Premier Roger Cook has emphasised that start-ups play a crucial role in job creation, with the potential to add thousands of positions to the state’s economy. His government remains focused on creating an environment where these businesses can thrive. By supporting innovation at the grassroots level, the state aims to retain and grow talent within its borders, attracting companies eager to contribute to a booming start-up culture.
Minister for Innovation and the Digital Economy Stephen Dawson echoed this sentiment, stating that the initiative will not only encourage investment but also help establish Western Australia as a hub for technological innovation. The WAVC’s collaborative model, blending private-sector expertise with government backing, is expected to catalyse the next generation of high-performing start-ups. As WA looks to expand its innovation footprint, initiatives like WAVC are set to play a pivotal role in shaping the state’s future.
The state government is confident that its $30 million investment will leverage considerable private capital, further reinforcing WA’s position as a leader in fostering business innovation. With a dedicated focus on growing local start-ups, this initiative aligns with broader efforts to diversify the economy and make WA a destination for cutting-edge innovation.
