Dare to Venture: Startups and the innovation ecosystem in Western Australia

Dare to Venture: Startups and the innovation ecosystem in Western Australia, the eighteenth report in the BCEC Focus on WA series, seeks to better understand the startup and innovation ecosystem in Western Australia, to inform policies that support entrepreneurship and startups in the state, and curate an innovation ecosystem within which startups can thrive.

This report finds that Western Australia’s startup and innovation ecosystem requires targeted reforms and investment to unlock its full potential, calling for improvements in talent development, gender diversity and access to capital and infrastructure to support a more diversified economy.

The report highlights WA’s strengths in mining, energy and resources but WA should look to grow emerging fields such as artificial intelligence, biotechnology and data analytics and finds that strengthening WA’s innovation ecosystem could create up to 350 new businesses, generating 3,500 highly skilled jobs and broader economic benefits.

Key findings and recommendations:

• Leadership and skills development: Policies aimed at fostering leadership, talent and financial support, especially in underperforming regions, are crucial.
• Educational initiatives: Targeted programs to increase tertiary and vocational education in technology and business management will help meet talent demands.
• Incubator and accelerator support: Greater support for programs that develop entrepreneurial skills is essential.
• Attracting new investment: Encouraging investment in new industries will ensure WA diversifies its economy and catches up with other states.
• ‘Brand WA’ promotion: Efforts to build WA’s reputation as a prime location to live, work and invest must continue.
• Boost R&D spending: Australian public and private R&D investment per capita must align with OECD averages to compete globally.
• Grant certainty: Providing ongoing and impactful grants for startups and the ecosystem is essential to signal a strong commitment to economic diversification.
• Continuous monitoring: Tracking ecosystem performance and evaluating programs over time is vital for identifying trends and enhancing support strategies.