FundWA To Host Forum To Discuss WA’s Innovation Ecosystem 

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Em Jones
// Up to 50 of the state’s leading corporate executives and entrepreneurs will gather to discuss the latest trends and developments in Western Australia's innovation ecosystem.

A group — including some of WA’s brightest minds — will be gathering to discuss the latest trends and developments in Western Australia’s innovation ecosystem. These minds are WA-based members of INSEAD (Institut Européen d’Administration des Affaires) and IBSA (International Business School Association) which includes graduates of the world’s leading universities including Harvard, Stanford, and The Wharton School of the University of Pennsylvania. 

The All Things in Innovation event will take place in the CBD on Wednesday, July 31 with the WA Minister of Innovation and the Digital Economy Stephen Dawson in attendance, speaking about the Ministry of Innovation’s efforts to boost innovation across all business sectors — from startups to large organisations.  

The forum is being hosted by FundWA who will speak about their initiatives to promote startup innovation and venture funding. The event will also cover corporate innovation, showcasing how major corporations are staying competitive by embracing new technologies and practices. 

“Our aim is to bring together many of the brightest minds in business and the startup ecosystem in Western Australia and join forces in enabling the state to become a centre of tech excellence,” says Glenn Butcher, CEO of FundWA. 

“We are united by a shared vision that Western Australia can position itself as a hub for innovation and entrepreneurship, driving economic growth and prosperity in the region, and creating exciting opportunities for future generations.” 

“This is an important opportunity for the leaders of the business community to discuss and formulate plans on how we can attract not just Australia’s best talent, but the world’s best, to WA.” 

Attracting foreign tech companies

Two US-based tech companies have recently been enticed to relocate to Australia and Butcher suggests that this is evidence that Westen Australia should also be looking to attract talent from overseas. 

Recent investments in tech companies relocating to Australia underscore this strategy. The Queensland government announced in April it was backing US tech company PsiQuantum in a $940 million deal to build Australia’s first quantum computer in Brisbane, with hopes of creating up to 400 jobs in the process. 

A week later, the Victoria government-backed Breakthrough Victoria revealed it was investing $37 million in US-based stratospheric exploration company World View to attract the firm to establish operations in Melbourne, creating up to 200 jobs. 

“We need to leverage our combined knowledge and networks to fuel this innovation and drive economic growth in Western Australia,” Butcher says. 

He also highlighted the potential for a ‘dandelion effect’ where other startups and successful businesses emerge, creating a thriving ecosystem. 

Growth in investment 

The forum coincides with new data which reveals early signs of a thaw in the tech funding “winter”, with capital raised by Australian start-ups this year increasing by 30 per cent compared to the same period last year. 

In the first five months of 2024, local start-ups secured $1.7 billion, surpassing the $1.3 billion raised during the same timeframe in 2023, according to Cut Through Venture’s latest funding report

This amount is still less than half of the $4.1 billion raised during the corresponding period in 2022, which marked the peak of the pandemic-era tech boom.  

However, the data showed a slight decline in the number of deals to 144 during the period up to May 31, compared to 151 in 2023 and 243 in 2022. 

Butcher commented, “Investors are becoming more selective, focusing their capital on fewer, more promising ventures. This trend indicates a maturation in the tech sector, where quality and potential for growth are prioritised over quantity.” 

“It’s a positive sign that the industry is stabilising and becoming more resilient and attractive to investors.”

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