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

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aria-current="page">Dare to Venture: Startups and the innovation ecosystem in Western Australia</span></span> </div> </div> </div> <section id="main"> <div id="content_container" class="container"> <div id="sidebar" class="column3"> <div class='panel search'> <h3>Search for a Publication</h3> <form action="https://bcec.edu.au/publications/" method="get"> <ul> <li>  <div class="input_wrap search_icon"> <input type="text" name="search" value="" placeholder="What are you looking for?" /> </div> </li> <li> <label for="publication_type">Publication type</label> <div class="select_wrap"> <select name="publication_type"> <option value="" selected>Publication type</option> <option value="policy-insights" >Policy Insights</option><option value="covid-19-insights-2" >  -COVID-19 Insights</option><option value="economic-policy" >  -Economic Policy</option><option value="health-wellbeing" >  -Health and Wellbeing</option><option value="social-issues" >  -Social Issues</option><option 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class="item_image"><img src="https://bcec.edu.au/assets/2024/08/BCEC-Child-Poverty-in-Australia-2024-300x424.png" width="60" alt="" /></span> </span> <span class="right"> <span class="item_title">Child Poverty in Australia 2024: The lifelong impacts of financial deprivation and poor-quality housing on child development</span> <span class="item_meta"> <span class='item_meta'>8 August 2024</span> </span> </span> </a> </li> <li> <a href="https://bcec.edu.au/publications/gender-equity-insights-2024-changing-nature-part-time-work-australia/"> <span class="left"> <span class="item_image"><img src="https://bcec.edu.au/assets/2024/09/Gender-Equity-Insights-2024-Report-Cover-300x424.png" width="60" alt="" /></span> </span> <span class="right"> <span class="item_title">Gender Equity Insights 2024: The changing nature of part-time work in Australia</span> <span class="item_meta"> <span class='item_meta'>9 September 2024</span> </span> </span> </a> </li> </ul></div> </div> <div id="content" class="column9"> <div class='page_type'>BCEC Report</div> <h1 >Dare to Venture: Startups and the innovation ecosystem in Western Australia</h1> <div class="item_content"> <div class="item_content_left"> <a href="https://bcec.edu.au/assets/2024/11/BCEC-Dare-to-Venture-Report-2024_WEB.pdf" target="_blank"><img class="feature_image" width="240" src="https://bcec.edu.au/assets/2024/11/Innovation-and-startup-ecosystem-in-Western-Australia-REPORT-COVER-300x424.png" /></a> </div> <div class="item_content_right"> <div class="span50"> <div class='report_type'><span>Report Series</span>Focus on WA</div><div class='contacts'><span>Authors</span><a href='https://bcec.edu.au/about/people/alex-buckland/' title=''>Alex Buckland</a>, <a href='https://bcec.edu.au/about/people/abebe-hailemariam/' title=''>Abebe Hailemariam</a>, <a href='https://bcec.edu.au/about/people/daniel-kiely/' title=''>Daniel Kiely</a>, <a href='https://bcec.edu.au/about/people/angelica-munoz/' title=''>Angelica Munoz</a>, <a href='https://bcec.edu.au/about/people/panagiotis-sotirakopoulos/' title=''>Panagiotis Sotirakopoulos</a></div><div class='contacts'><span>Editors</span><a href='https://bcec.edu.au/about/people/sandie-rawnsley/' title=''>Sandie Rawnsley</a></div><div class='publish_date'><span>Published</span>November 2024</div><div class='publisher'><span>Publisher</span>Bankwest Curtin Economics Centre</div> </div> <div class="span50"> <div class='publication_data'><span>Number of Pages</span>133</div><div class='publication_data'><span>Research Themes</span><a href='https://bcec.edu.au/themes/wa-economy/'>WA Economy</a>, <a href='https://bcec.edu.au/themes/participation-and-employment/'>Participation and Employment</a>, <a href='https://bcec.edu.au/themes/business-and-industry/'>Business and Industry</a>, <a href='https://bcec.edu.au/themes/gender-and-diversity/'>Gender and Diversity</a>, <a href='https://bcec.edu.au/themes/productivity-and-innovation/'>Productivity and Innovation</a>, <a href='https://bcec.edu.au/themes/education-and-skills/'>Education and Skills</a></div> </div> <div class="buttons-container"> <div class='span50 continue_reading bottom'><a href='https://bcec.edu.au/assets/2024/11/BCEC-Dare-to-Venture-Report-2024_WEB.pdf' class='button' target='_blank'>VIEW PUBLICATION</a></div> </div> </div> <div class="item_content_main"> <p><em>Dare to Venture: Startups and the innovation ecosystem in Western Australia</em>, 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.</p> <p>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.</p> <p>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.</p> <p><strong>Key findings and recommendations:</strong></p> <ul> <li>Leadership and skills development: Policies aimed at fostering leadership, talent and financial support, especially in underperforming regions, are crucial.</li> <li>Educational initiatives: Targeted programs to increase tertiary and vocational education in technology and business management will help meet talent demands.</li> <li>Incubator and accelerator support: Greater support for programs that develop entrepreneurial skills is essential.</li> <li>Attracting new investment: Encouraging investment in new industries will ensure WA diversifies its economy and catches up with other states.</li> <li>‘Brand WA’ promotion: Efforts to build WA’s reputation as a prime location to live, work and invest must continue.</li> <li>Boost R&D spending: Australian public and private R&D investment per capita must align with OECD averages to compete globally.</li> <li>Grant certainty: Providing ongoing and impactful grants for startups and the ecosystem is essential to signal a strong commitment to economic diversification.</li> <li>Continuous monitoring: Tracking ecosystem performance and evaluating programs over time is vital for identifying trends and enhancing support strategies.</li> </ul> </div> </div> <div class='related_panels'> <div class='panel_heading'> <h3>Further Information</h3> </div> <div class="panel"> <a href="https://bcec.edu.au/media/boosting-wa-startups-report-calls-for-investment-in-talent-diversity-and-innovation/" class="image"> <img src="https://bcec.edu.au/assets/2024/11/iStock-1364208045-400x400.jpg" alt="" /> </a> <span class="content"> <a href="https://bcec.edu.au/media/boosting-wa-startups-report-calls-for-investment-in-talent-diversity-and-innovation/" class="title">Boosting WA startups: Report calls for investment in talent, diversity and innovation</a> <span class="intro"> – WA trails behind other states in key innovation ecosystem metrics – – Overreliance on mining, energy and resources limits growth in emerging fields like AI – – Improving talent, gender diversity and access to capital can transform startup landscape<span class="excerpt-more"><span class="excerpt-more-dots">... </span><a class="excerpt-more-link" href="https://bcec.edu.au/media/boosting-wa-startups-report-calls-for-investment-in-talent-diversity-and-innovation/">Read article</a></span> </span> <span class="meta"> <span class="post-type">Media</span><span class='date'>19 November 2024</span><span class='category'>Media Releases</span> <a href="https://bcec.edu.au/media/boosting-wa-startups-report-calls-for-investment-in-talent-diversity-and-innovation/" class="read_more"> <span>Read More</span> </a> </span> </span> </div> </div> </div> </div> </section> <div id="footer"> <div class="footer_overlay"> <div class="container"> <div class="column6 footer_text"> <div class='gold'><p class="gold">The Bankwest Curtin Economics Centre is an independent economic and social research organisation located within the Curtin Business School at Curtin University.</p> </div> <div><p><img loading="lazy" class="alignleft wp-image-901" src="https://bcec.edu.au/assets/acknowledgement-icon-150x150.png" alt="acknowledgement-icon" width="80" height="81" srcset="https://bcec.edu.au/assets/acknowledgement-icon-150x150.png 150w, https://bcec.edu.au/assets/acknowledgement-icon.png 283w" sizes="(max-width: 80px) 100vw, 80px" />The Bankwest Curtin Economics Centre team acknowledges the Wadjuk Nyungar people as the traditional owners of the land on 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Dare to Venture: Startups and the innovation ecosystem in Western Australia - BCEC