❓ The Minister for Innovation and ICT responds to questions regarding the Investment Attraction and New Industries Fund (IANIF) and the Extend program, highlighting their success in job creation, economic diversification, and supporting SMEs to scale up nationally and globally.
AnsweredQoN 802Legislative Assembly
QuestionView source ↗
STATE ECONOMY —
DIVERSIFICATION
802. Ms H.M. BEAZLEY to the Minister for Innovation and ICT:
I refer to the McGowan Labor government's
investment in diversifying the state's economy, including its efforts
in supporting innovation and entrepreneurship within WA.
(1) Can the
minister outline to the house how the investment attraction and new industries
fund is supporting the diversification of the WA economy and helping to create
new jobs?
(2) Can the
minister advise the house how the Extend program is assisting small to
medium-sized enterprises scale up to compete nationally and globally?
DIVERSIFICATION
802. Ms H.M. BEAZLEY to the Minister for Innovation and ICT:
I refer to the McGowan Labor government's
investment in diversifying the state's economy, including its efforts
in supporting innovation and entrepreneurship within WA.
(1) Can the
minister outline to the house how the investment attraction and new industries
fund is supporting the diversification of the WA economy and helping to create
new jobs?
(2) Can the
minister advise the house how the Extend program is assisting small to
medium-sized enterprises scale up to compete nationally and globally?
AnswerView source ↗
(1)–(2) I
certainly can advise the house, and I thank the member for the question. I can
confirm the investment attraction and new industries fund's
contribution, as part of a suite of measures of the McGowan Labor government,
has been put in place to foster job creation, economic diversification and
promotion of our state's world-class innovation agenda, and it is
achieving results. Unemployment is at 3.9 per cent. There are an additional 3 300
full-time jobs. Since 2017, 120 000 jobs have been created. We have overcome the
loss of jobs due to COVID-19 and created an additional 40 000 jobs. They are a consequence
of the entire approach of the McGowan government to keeping our communities
safe and the economy strong. What outstanding figures! It is no wonder the
opposition wants to continually undermine the efforts of this government when
confronted with those sorts of outcomes. The numbers speak for themselves.
Forming
part of our $100 million election commitment, the investment attraction and new
industries fund, or IANIF, supports the acceleration of new and emerging
industries in WA. Launched in 2017 under the excellent stewardship of my
predecessor, Hon Dave Kelly, the IANIF has so far directly contributed
approximately $20 million to the innovation ecosystem, with some incredible
results. In fact, a recent evaluation of the program found that for every
dollar spent, there was a return of $5. That is a great return from a modest amount of money. This is one of the
many reasons I was pleased to announce a continuation of these key
programs at our flagship Innovator of the Year program, just a few weeks ago.
In doing so, I am pleased to say that
business feedback has been extraordinary regarding the desire for consistency
and continuity of support that the government is providing in this
sector.
One of those key initiatives within
the IANIF is the Extend program, which builds up local capability and capacity
for small businesses with good ideas to take their products nationally or
internationally. The Extend program funds the delivery of innovation and
investor educational programs, and helps foster entrepreneurs, linking them
with private capital to stimulate business investment in Western Australian projects. Members, it is a fantastic program that
is delivering real results, which is why we were very pleased to recently
announce the third round of funding for the Extend program, totalling another
$500 000.
There are fantastic success stories
to this program and one of them is Atomic Sky. It was awarded $100 000 in July
2019 as a co-contribution to implement its quantum technology exchange program—an
investor-ready program for companies in the space supply chain. Ninety per cent
of program participants reported that the program had a positive impact on
their business. Two companies were able to leverage new funding from
participation in the quantum program, whilst a third was able to secure venture
capital funding a year after completing the
program. All attributed that to the knowledge they gained through the program.
The accelerator program facilitates the exchange of knowledge, innovation,
capability and technology from the mining, energy, agriculture and defence
sectors to develop global companies in the space sector. This is an example of
this government not only building a foundation, but also looking to the future
for how we can build innovation and scale it up in commercially viable ways. We
are seeing excellent capability here in Western Australia.
I encourage all WA innovators and
entrepreneurs to apply for funding. I look forward to announcing successful applicants in the near future and being
able to share more homegrown WA success stories. IANIF is just one of
the many initiatives this government has put in place to diversify our economy
and build a WA for the future.
certainly can advise the house, and I thank the member for the question. I can
confirm the investment attraction and new industries fund's
contribution, as part of a suite of measures of the McGowan Labor government,
has been put in place to foster job creation, economic diversification and
promotion of our state's world-class innovation agenda, and it is
achieving results. Unemployment is at 3.9 per cent. There are an additional 3 300
full-time jobs. Since 2017, 120 000 jobs have been created. We have overcome the
loss of jobs due to COVID-19 and created an additional 40 000 jobs. They are a consequence
of the entire approach of the McGowan government to keeping our communities
safe and the economy strong. What outstanding figures! It is no wonder the
opposition wants to continually undermine the efforts of this government when
confronted with those sorts of outcomes. The numbers speak for themselves.
Forming
part of our $100 million election commitment, the investment attraction and new
industries fund, or IANIF, supports the acceleration of new and emerging
industries in WA. Launched in 2017 under the excellent stewardship of my
predecessor, Hon Dave Kelly, the IANIF has so far directly contributed
approximately $20 million to the innovation ecosystem, with some incredible
results. In fact, a recent evaluation of the program found that for every
dollar spent, there was a return of $5. That is a great return from a modest amount of money. This is one of the
many reasons I was pleased to announce a continuation of these key
programs at our flagship Innovator of the Year program, just a few weeks ago.
In doing so, I am pleased to say that
business feedback has been extraordinary regarding the desire for consistency
and continuity of support that the government is providing in this
sector.
One of those key initiatives within
the IANIF is the Extend program, which builds up local capability and capacity
for small businesses with good ideas to take their products nationally or
internationally. The Extend program funds the delivery of innovation and
investor educational programs, and helps foster entrepreneurs, linking them
with private capital to stimulate business investment in Western Australian projects. Members, it is a fantastic program that
is delivering real results, which is why we were very pleased to recently
announce the third round of funding for the Extend program, totalling another
$500 000.
There are fantastic success stories
to this program and one of them is Atomic Sky. It was awarded $100 000 in July
2019 as a co-contribution to implement its quantum technology exchange program—an
investor-ready program for companies in the space supply chain. Ninety per cent
of program participants reported that the program had a positive impact on
their business. Two companies were able to leverage new funding from
participation in the quantum program, whilst a third was able to secure venture
capital funding a year after completing the
program. All attributed that to the knowledge they gained through the program.
The accelerator program facilitates the exchange of knowledge, innovation,
capability and technology from the mining, energy, agriculture and defence
sectors to develop global companies in the space sector. This is an example of
this government not only building a foundation, but also looking to the future
for how we can build innovation and scale it up in commercially viable ways. We
are seeing excellent capability here in Western Australia.
I encourage all WA innovators and
entrepreneurs to apply for funding. I look forward to announcing successful applicants in the near future and being
able to share more homegrown WA success stories. IANIF is just one of
the many initiatives this government has put in place to diversify our economy
and build a WA for the future.
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