Consultation begins on early stage venture capital model for WA

• Market sounding process underway to identify venture capital interest in WA and how the WA Government can encourage greater investment into the State
• Process is being run by Deloitte
• Early stage funding essential for turning innovative ideas into successful businesses 

The McGowan Government is initiating a market sounding process to identify venture capital (VC) interest in Western Australia and opportunities to encourage greater investment.

The WA Government is looking to support or partner with VC firms to increase early stage funding available to both local scale-ups and startups.

Run by Deloitte, the market sounding process will determine how the WA Government can best encourage greater VC investment.

A strong and active early stage funding market is essential to assist with the evolution of robust ideas into successful businesses.

As part of the market sounding process, Deloitte is asking VC firms to provide feedback on the State's investment landscape, their experience in WA and a model that they support.

The State Government's economic development framework, Diversify WA, highlights science, innovation and technology as a cross-sector activity that improves value and productivity across the economy.

Boosting investment in science, innovation and technology, including early stage funding for local startups and scale-ups, is essential to the growth and diversification of WA's economy and the creation of jobs across sectors.

Submissions for the market sounding process close on Wednesday, 1 February 2023.

Further information on the market sounding process here: Consultation on early stage venture capital model for Western Australia (www.wa.gov.au). VC firms interested in participating can contact wavcmarketsounding@deloitte.com.au

Comments attributed to State Development, Jobs and Trade Minister Roger Cook:

"Turning innovative ideas into successful businesses is vital to diversifying our economy and creating the jobs of the future for Western Australians.

"We want WA to be a destination of choice for home-grown innovators and those looking for a home to grow.

"We know WA is a proven breeding ground for business ideas. What we need to do is make it clearer and easier for VCs to invest in WA. 

"Helping increase the amount of early stage funding available is one of the best ways the WA Government can support the growth of startups and scale-ups in the State."

Minister's office - 6552 6500