A year on from the launch of Western Australia’s innovation strategy, Innovation and Digital Economy minister Stephen Dawson says work is underway on measuring its impact on the economy among a series of other initiatives expected in the new year.
Mr Dawson told InnovationAus.com that while he has “no doubt” that the strategy, released in December 2022, “is already putting us on the right path”, work needs to be done “in terms of measuring everything and bringing disparate pieces of measurements that exist together in one document”.
“Anecdotally we hear good things happening, we hear new innovators and entrepreneurs creating businesses, but the [economic] measurement is probably something that we have to put a bit of effort into, so we’ll do that over the summer,” Mr Dawson said.
InnovationAus.com understands that the Department of Jobs, Tourism, Science and Innovation has some internal metrics for the progress of meeting the five goals, but they are not publicly accessible.
Mr Dawson also flagged new support for startups would be announced in the new year and that he would be leading a two-week trade mission to Austin, Texas in March, which will include attendance at SXSW.
The government currently uses Dealroom to track the number of active startups and value of funds raised, which is publicly accessible.
Mr Dawson also told InnovationAus.com that extra venture capital support is expected “early in the new year”, building on the state government’s $900,000 Western Australian Venture Support pilot program.
This will be informed by the findings of a Deloitte-led market sounding on early-stage venture capital model for Western Australia initiated in January. Premier and State Development minister Roger Cook is currently sitting on a report summarising the findings of that process.
In his capacity as Medical Research minister ,Mr Dawson also shared that the advisory committee for the state’s Future Health Research and Innovation fund (FHRIF) is currently considering making funds available for venture capital investments.
He told InnovationAus.com that the resources royalty-funded sovereign wealth fund is currently worth around $1.8 billion and is expected to award $250 million over the next four years in medical research and innovation.
Although plans for VC investment through the FHRIF are not confirmed, Mr Dawson said he would be interested in taking equity in local businesses.
“I think it sends a good message that government has got skin in the game and whether it’s taking equity, or indeed just putting money out there so we can get companies established and allow them to not only start but to the scale globally, I think that really sends a good message.”
While the state pushes ahead with its own innovation agenda, Mr Dawson said there’s “probably a lot more we can do together” in coordinating industry policy across the state and federal governments. He said he would be interested in the government establishing a national manufacturing coordinator, as recommended by a federal parliamentary committee.
“We’re doing stuff around [the Office of National Rail Industry Coordination], so there’s work happening there. That national leadership is really helpful and so I certainly think it would be helpful,” Mr Dawson said.
