Introduction
The Western Australian Government has reinvested another $16.7 million in the New Industries Fund (NIF) over four years (2021-25) that will continue to support and accelerate new and emerging businesses to diversify the Western Australian economy and create new WA jobs and industries.
An additional $9.1 million has been provided to the NIF for 2023-2025 and supports the State’s Innovation Strategy and associated Innovation Action Plan.
Building jobs and new industries requires an industry-led approach to innovation and business competitiveness. The NIF was initially established in 2017 to support a selfsustaining innovation environment that encourages collaboration and private sector investment. This is helping grow State and regionally significant competitive advantages, and helping to create the required levels of skills for the jobs of the future.
Overview and objective: X-TEND WA
Ensuring the NIF supports those industries where there is potential for job growth is critical to the future of Western Australia. WA is fortunate to have talented people and many competitive advantages. The State Government is leveraging and building on these competitive advantages and focusing on growing industries that enrich lives, create jobs and diversify the economy.
In order to create new jobs and industries there is a recognised need for services to expand the capability of entrepreneurs and support their innovation journey.
WAES Guidelines 4
There is also a need to expand the educational opportunities of investors and corporates to deliver better access to investment capital to coincide with the journey of entrepreneurs and innovative business owners in Western Australia.
X-TEND WA is a competitive co-investment grants program that invests in organisations that deliver initiatives which assist and support the WA Innovation Ecosystem.
This may take the form of one or more of:
1. Programs that assist Western Australian entrepreneurs, startups, emerging
businesses and small to medium sized enterprises to grow their capability to better navigate their commercialisation journey.
2. Organisations that run programs that enhance investor education, engendering
confidence for investment in innovative projects in Western Australia.
3. Support for other programs such as: entrepreneurs in residence, co-working
spaces, recurring events, incubators or innovation hubs that grow capability and
networks in regional Western Australia and/or promote a more diverse and inclusive innovation ecosystem.
