Eco Innovator March 2012

Government Policy

End to Innovate SA

The premier organization for promoting venture capital and angel capital in South Australia, Innovate SA, will no longer be funded beyond 30 June 2012 and will close down.

Greg Boundy, the chief executive of Innovate SA, said that as part of its 2010 review of the South Australian Government's finances, the Sustainable Budget Commission made a recommendation to not fund Innovate SA beyond the agreed funding closing date of 30 June 2012. This recommendation was adopted in the 2010-11 state budget.

"Since 1st July 2009 as a newly formed organization, we know that Innovate SA has had a significant impact upon the numerous South Australian businesses we have dealt with, through our Business Advisors and the unique business development programs and services we offer," he said.

"This impact has been well evidenced through the many client testimonies received, case studies, program evaluations, client surveys and econometric studies that we have conducted and in our recent Annual Report.

"Innovate SA as an organization has also been highly collaborative in an endeavour to leverage the best value for South Australian businesses out of the variety of support services available to them.

"We thank and acknowledge our collaborative partners including: Local Government, Zerowaste SA, Regional Development Australia, Advantage SA, Industry Associations, Universities, in particular ARI, ITEK and Flinders Partners, Enterprise Connect, AiGroup and other state and federal government agencies and bodies."

Mr Boundy said Innovate SA will continue to provide its range of programs and services over the next four months and where possible advise of alternative sources of business support available.

Water Data Services was an Innovate SA client.

Innovate SA helped to promote a wide range of commercialization programs. One of these was the Innovate SA Investment Attraction Course. Biodiesel developer South Australian Biofuels was one of two companies to complete the course last year, presenting final practice pitches to a panel of leading industry professionals, investors and business advisors at Innovate SA.

The intensive course was run over four months and designed to provide business owners and chief executives with training in business development and investor readiness through targeted workshops and mentoring.

Companies that took part in the Investment Attraction Course are given opportunities to maximize their chances of raising investment through the development of specialized skills and review of their investment proposals, including access to one-on-one mentoring with well known consultants in their fields.





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