WA companies get investment ready

The Western Australian Government has launched the Investment Ready Program (IRP) which will provide vital advice to help technology-based firms develop to the next stage of growth. 

The program will help firms in the information and communications technology (ICT), biotechnology, marine and defence and renewable energy sectors commercialise products and services and access private investment.

Minister for Industry and Enterprise Francis Logan said the IRP is a new initiative that will offer a variety of support mechanisms to help the State’s emerging industries grow and develop.

“The program has been developed by the State as a clear response to messages from industry on the needs of technology-based businesses. It will fill a gap in the market and complement other government support programs,” the Minister said.

“IRP will provide successful applicants with a range of services including one-on-one mentoring sessions with an experienced mentor from their relevant industry sector, development workshops and other business support services. 

“Program participants will also be sponsored to take part in the Innovation Excellence Program at The University of Western Australia, designed to teach skills in commercialisation and strategic management.”

The Program features a biotechnology specific stream designed not only for biotechnology firms but for researchers in life sciences organisations and institutes. IRP - Biotechnology will further strengthen the State’s burgeoning biotechnology industry.

Mr Logan said private equity investment is vital for emerging firms to commercialise and prosper but this can sometimes be hard to negotiate.

“The IRP will help firms to prepare and implement a commercialisation strategy so they are in a suitable position to start negotiating with private investors and take advantage of the funding they have available,” he said.

Applications will be competitively assessed and close on Friday 11 April.

Short listed firms will undergo an initial diagnostic analysis by commercialisation professionals and all short listed firms will receive a copy of the report.   

The Investment Ready Program is administered by the Department of Industry and Resources through the Innovation Centre at Bentley Technology Park. The IRP is a biannual program and each round will be publicly advertised.    

For more information or for application forms, contact Paul Millwood at the Department of Industry and Resources on (08) 9222 0436 or email paul.millwood@doir.wa.gov.au

Information can also be accessed by visiting http://www.innovation.wa.gov.au/page/Investment-Ready-Program