The government of Western Australia is offering a boost to life science companies, with start-ups and SMEs given the opportunity to apply for funding from two new programmes.
Invest & Trade WA’s Investment Attraction is a new $100 million fund, with applications available for up to 50 per cent of funding, to a maximum of $5 million each. The fund will leverage WA’s existing strengths and priority sectors, including health and medical life sciences, to attract and incentivise national and foreign investment.
The programme seeks to create sustainable local jobs and is encouraging expressions of interest from companies that are interested in establishing and growing their WA operations and that will improve WA’s productivity, including in supply chain development, advanced manufacturing, science, innovation and technology, and environmental, social and governance (ESG) frameworks.
Expression of interest for the Investment Attraction Fund close at 3.00 pm (AWST), 4 May 2022. To learn more and apply, visit the IAF page here.
The Innovation Booster initiative, previously known as the Innovation Voucher Program, has $20,000 grants available to WA start-ups and SMEs to access professional skills, services or knowledge, enabling the advancement in an innovative idea, project or commercial activity. Successful grant recipients will be required to contribute 20 per cent funding. Support will be provided to research and development, product development, technology transfer and intellectual property, and commercialisation support services.
Applications for the Innovation Booster Grants close at 11:00 am (AWST), 20 April 2022. To learn more and apply, visit the IBG page here.
The Australian life sciences sector considers access to capital as one of the most pressing issues for the nation; and AusBiotech’s Biotechnology Blueprint decadal strategy notes that, “Access to capital to feed the need for commercialisation, clinical development and growth remains key amid an expanding industry, and the diversity of investment sources is a pressing issue.”
The strategy continues, “With capital the lifeblood of the sector, increasing start-up and spinout company numbers, and a dearth of venture capital in Australia compared to other major countries, the thirst for capital is key.”
These WA Government funding programmes are a positive step forward for companies and supports their abilities to accelerate their technology through to commercialisation.
