The State Government today launched a new program to help technology-based companies move towards commercialisation.
Industry and Enterprise Minister Francis Logan said the Investment Ready Program would allow companies in the information and communications technology, biotechnology, marine and defence and renewable energy sectors to develop products and access private investment.
“This new initiative will offer a variety of support mechanisms to help the State’s emerging industries grow and develop,” Mr Logan said.
“It has been developed as a clear response to the needs of technology-based businesses. It will fill a gap in the market and complement other government support programs.
“The program will provide successful applicants with a range of services including one-on-one mentoring sessions with an experienced member of the relevant industry sector, development workshops and other business support services.
“Participants will also be sponsored to take part in the Innovation Excellence Program at The University of Western Australia, designed to teach skills in commercialisation and strategic management.”
The Minister said private equity investment was vital for emerging firms to commercialise and prosper, but this could sometimes be hard to negotiate.
“The new program will help companies prepare and implement a commercialisation strategy so they are in a suitable position to start negotiating with private investors and take advantage of the funding they have available,” Mr Logan said.
“The WA Government is committed to building on to the economy through these emerging industries for the State’s long term sustainability and growth.”
Applications under the program will be competitively assessed and close on Friday, April 11.
Short-listed companies will undergo an initial diagnostic analysis by commercialisation professionals and will receive a copy of the report.
The program is administered by the Department of Industry and Resources (DoIR) through the Innovation Centre at Bentley Technology Park. It is a biannual program and each round will be publicly advertised.
For more information or application forms, contact Paul Millwood at DoIR on 9222 0436, email email@example.com or visit http://www.innovation.wa.gov.au/page/Investment-Ready-Program
MInister's Office - 9222 8950