The South Australian government today launched its Activate Angels initiative to help local startups access private sector funding to scale up their businesses.
A funding pool of up to $450,000 has been allocated as part of the Research, Commercialisation and Startup Fund over three years with funding provided on a matched 1:1 basis.
Minister for Innovation and Skills David Pisoni said the initiative would help establish a strong and highly active local angel group to raise awareness of angel investing, facilitate education in angel investing and improve the investor-readiness of startups.
“South Australia needs a robust angel investor network if companies are to progress to a point where they can access other sources of funding to fuel their growth, such as venture capital,” he said.
“Active and well-coordinated angel groups play a critical role in startup ecosystems, providing more than just investment from members. They also provide valuable strategic and operational expertise and access to trusted networks and target markets.”
Successful applicants will be expected nurture a community of angel investors, develop knowledge and skills in early stage investing, develop relationships with interstate and international investors and curate a pipeline of investible companies.
Recently established on a former hospital site in the centre of Adelaide, Lot Fourteen aims to become the largest innovation precinct in the Southern Hemisphere and will house a number of local and international tech, space, defence and cyber companies and the Office of South Australia’s Chief Entrepreneur, Jim Whalley.
Other tenants are set to include the Australian Space Agency, Australian Cyber Collaboration Centre and the Australian Institute for Machine Learning.
The precinct’s innovation hub welcomed its first startups this month and is being run by leading Australasian not-for-profit Stone & Chalk, which also operates offices in Sydney and Melbourne.
South Australia’s Chief Entrepreneur Jim Whalley said Activate Angels would unlock private sector seed capital to support the growth of innovative early stage startup businesses and would complement other significant investments the State Government had made to support the startup ecosystem in South Australia.
The final day to lodge a proposal for Activate Angels is Friday, December 20.Jump to next article