State government scopes venture capital interest

The state government is seeking venture capital opportunities to help diversify the Western Australian economy and encourage investment into start-ups.

State Development, Jobs and Trade Minister Roger Cook today announced the initiation of a market sounding process to identify venture capital interest in the local economy.

The government is looking to partner or support venture capital firms to boost funding opportunities for start-up companies and scale-ups within businesses. 

Perth-based audit and financial advisory firm Deloitte is running the market sounding process and will be asking venture capital firms to provide feedback on the state’s investment landscape, their experience and models they would support.

The initiative is a part of the state government’s economic development framework Diversify WA, which aims to provide a blueprint for government, industry and community collaboration.

Mr Cook said helping to increase the amount of early-stage funding available was one of the ways the state government could support the growth of start-ups and scale-ups.

“Turning innovative ideas into successful businesses is vital to diversifying our economy and creating the jobs of the future for Western Australians,” he said.

“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 venture capitals to invest in WA.”

Submissions for the market sounding process close on February 1.