The Western Australian Government will provide $16.7 million for a New Industries Fund to create jobs in the state through innovation.
The fund will support and accelerate new and emerging businesses in WA through a series of new initiatives, including Innovation Hubs and Science Industry Fellowships, that are designed to increase collaboration across industry, academia and government.
One of the first initiatives to be supported by the fund is the Joondalup Innovation Hub, which will bring together the public, private and research sectors to work in an area of existing strength for WA – cyber security.
The State Government has provided $800,000 from the fund to support the establishment of the hub.
WA Minister for Innovation and ICT, Dave Kelly, said hubs like this give people access to expertise and facilities, making better use of talent and technology.
“Edith Cowan University is a world-leader in cyber security research and training, and the City of Joondalup has been a longstanding supporter of innovation and economic development,” Mr Kelly said.
“This Joondalup Innovation Hub will capitalise on the rapidly growing cyber security industry and our local competitive advantages to create WA jobs and educational opportunities.”
In the future, spending from the fund will be guided by input from the innovation sector including $4.5 million allocated to regional areas.
Current successful initiatives such as the Innovator of the Year and Innovation Vouchers programs will also be supported by the fund, but with a renewed focus on creating WA jobs.
WA Premier, Mark McGowan, said the new fund will support and accelerate new and emerging businesses, to diversify the economy and create WA jobs.
“The fund is a key component of the State Government’s Plan for Jobs, which will create a more vibrant and diversified economy for the benefit of all Western Australians.
“It’s vital that WA is an active player in the innovation economy, and that as a Government we ensure new industries have every opportunity to thrive and grow.”