Regional New Industries Fund announced
March 13, 2018 at 4:39 PM
The McGowan Government has freshly launched the regional component of the New Industries Fund to drive innovation, diversification and job creation across Western Australia’s regions.
Each of the nine regions will be allocated up to $300,000 of funding to drive job creation at a local level. The funding will target small-medium enterprises, start-ups, and organisations providing innovation support in the regions and transforming existing businesses to seize new industry opportunities.
Regional Development Minister Alannah MacTiernan said, “Innovation is critical to building the capability and economic sustainability of our regional communities. This funding will support our regions to develop their unique competitive advantages, focusing on developing new businesses and industries as well as helping existing businesses transform to meet the challenges of the 21st century.”
Innovation and ICT Minister Dave Kelly supported these comments, further elaborating on the importance of regional communities being innovative, stating “As the world economy is disrupted by new technologies, it is important that regional Western Australia remains at the cutting edge.”
Each region will identify innovation partners who will collaborate to develop a roadmap outlining the key initiatives that will drive sustainable innovation in that region. The partnership group will agree to projects to submit to the approvals process.
The fund will also involve a further $1.4 million being invested in inter-regional projects that encourage collaboration between innovators across the State to promote economic diversification and job growth.
Submissions will be considered by an independent assessment panel that will make recommendations to the State Government on the funding allocation.
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