Steinberg foundation adds $5m to Curtin program

Malcolm Steinberg's Malka Foundation has committed $5 million to boost Curtin University's planned $25 million program to develop entrepreneurial and innovation education over the next five years.

Announced at the Curtinnovation Awards today, Mr Steinberg and Malka chair Nicole Lockwood announced the foundation would be part of a $30 million total commitment driven by Curtin to encourage entrepreneurial thinking and action among students and academics.

Malka's new funding more than doubled its previous contributions.

Curtin vice-chancellor Harlene Hayne said the university was committed to a $25 million investment in the program over five years and welcomed Malka's significant support.

"The key is to make Western Australia the innovation capital of Australia," Professor Hayne said.

Mr Steinberg, the founder of arcade games group TimeZone, said that the best way to fund charitable works was to increase the wealth in the community.

He said building entrepreneurial skills in school and university students, as well as academics, would contribute to the growth required.

While WA was wealthy as a resources economy, Mr Steinberg highlighted the emergence of seven trillion dollar companies in the US that were all technology businesses.

Even if a locally-founded, trillion-dollar company was as yet a distant possibility, Mr Steinberg said a billion dollar success was not beyond an emerging entrepreneur starting right now.

"For young people with a brilliant idea and laptop, you can create a billion dollar company in 10 years," he said.