The State Government has launched a $28 million assistance program to support new and existing businesses and research enterprises, with a focus on the former Royal Adelaide Hospital site, now known as Lot Fourteen.
Minister for Industry and Skills David Pisoni said the Research, Commercialisation and Start-up Fund will support research programs that stimulate and encourage the creation of more start-up businesses in South Australia.
“The fund will be managed by the Department for Industry and Skills to support proposals that build industry research and development capability in South Australia, advance scientific research and help entrepreneurs market their ideas,” he said.
This fund will compliment two other state government schemes – the Economic and Business Growth Fund and the Regional Growth Fund – which will be managed by the Department of Treasury and Finance, and the Department of Primary Industries and Regions, respectively.
“The objective of this $28 million fund is to contribute to economic growth by supporting collaboration between enterprises, researchers and universities, and encourage the establishment and growth of start-ups in South Australia,” Minister Pisoni said.
South Australia’s Chief Scientist Professor Caroline McMillen who welcomed the announcement 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,” she said.
“We encourage scientists 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.”
Chief Entrepreneur for South Australia Jim Whalley said the Research Commercialisation and Startup Fund will turn bold ideas into real profit.
“South Australians aren’t short on creativity, what we require is networking and mentoring opportunities and financial support to turn ideas into viable businesses,” he said.
“The Fund addresses this need, funding activities designed to further build our local startup 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.
More information is available from the Department for Industry and Skills website.