Search

Supporting WA’s start-up economy

The 2019 StartupWA Ecosystem Report noted substantial growth in the WA start-up scene over recent years, increasing from only a handful of start-ups a decade ago, to more than 130 today. Not unlike other parts of Australia and the world, entrepreneurs are becoming a much stronger force in WA business.

In September 2018 RAC launched BetterLabs Ventures, a $3 million seed fund which aimed to support WA founders to overcome the challenges of building and operating high growth businesses.

Part of a wider RAC innovation program, BetterLabs was also an opportunity for RAC to improve our resilience to disruption so we can continue to provide relevant services and products to our members.

Through BetterLabs, RAC seeks to invest in innovative new start-ups and support existing businesses to take their operations to the next level.

Ultimately, we are investing in products and services that have a significant local impact in WA, with investments focused around six Emerging Innovation Domains that align with RAC’s values:

• Clean Tech: Technology that enables sustainable living and commuting specifically around energy, waste and water

• Member Community: Innovation that generates deeper connections, fosters collaboration and builds meaningful community

• Third Age: Opportunities that support the transition of the aging population into their next stage of life

• Life, Work & Money: Technology that supports the new ways we will design life and structure our work and money

• Mobility of the Future: Innovation that supports the new ways we will get around

We saw an overwhelmingly positive response to the initial fund, with over 150 applications received in the 12 months since BetterLabs launched. In that time, we’ve been fortunate to be able to fund, support and partner with some of WA’s most innovative start-ups, including Power Ledger, Complete Home Filtration, SpacetoCo and PlusEight.

Following this great early success, RAC announced last month an expansion of the BetterLabs fund by $20 million. This has made BetterLabs Ventures the largest capital venture fund in Western Australia and has evolved its focus to now also include Series A and Series B investments in businesses which are ready to scale up their operations.

We see this as an important step in nurturing a healthy entrepreneurial spirt across the State, while enabling continued growth in a start-up sector which will help diversify the WA economy into the future.

 

WA Revenue

2nd↑St John of God Health Care$1.80bn
3rd↓HBF$1.71bn
4th-RAC$819.1m
5th↑WAMMCO$380.0m
6th↓Geraldton Fishermen's Co-operative$350.7m
75 not for profit businesses ranked by WA revenue most recent financial year

Number of Employees

Not For Profit Businesses

6thJuniper1,761
7thAmana Living1,575
8thRAC1,458
9thMercyCare1,203
10thBaptistcare1,200

Special Report

Great for the State 2020: Knowledge Economy

Great for the State 2020: Knowledge Economy

17 February 2020

WA is ready to apply its technology to opportunities beyond resources, but developing and attracting the brightest minds is crucial.

Shooting for the stars in a smart WA

Shooting for the stars in a smart WA 

Ambitious entrepreneurs and sensible policies could make WA the world’s pre-eminent location for data analytics, remote operations and high-tech industries.

Rethinking the brain drain

Rethinking the brain drain 

Almost one in 10 people aged 24 to 30 have left WA in the past five years, signalling more must be done to create a culture of opportunity.

Bigger bandwidth for STEM women

Bigger bandwidth for STEM women 

As rapid technological change disrupts the economy, WA must ensure women share the benefits.

Mindset shift at core of STEAM

Mindset shift at core of STEAM 

How do we prepare the next generation for the jobs of the future?

Research: the foundation for a knowledge economy

Research: the foundation for a knowledge economy 

In 1911 there was consensus among legislators that the state’s first University should provide tertiary education of a practical nature to help develop Western Australia's pioneering economy.

School's in at Malaysian Education Fair

School's in at Malaysian Education Fair  

Western Australian small and medium businesses are responding to the opportunities in Asian markets to export the state’s intellectual property, experience, talent and services.

WA women benefit from cutting edge breast cancer research right here in WA

WA women benefit from cutting edge breast cancer research right here in WA 

The Breast Cancer Research Centre WA has the busiest breast cancer clinical trials unit in Australia, having conducted over 80 international, national and local breast cancer trials involving over 1000 WA patients since 2000. 

Supporting WA’s start-up economy

Supporting WA’s start-up economy 

The 2019 StartupWA Ecosystem Report noted substantial growth in the WA start-up scene over recent years, increasing from only a handful of start-ups a decade ago, to more than 130 today.