Local Entrepreneurs and Start-Up Initiatives

In reply to Mr VAN HOLST PELLEKAAN (Stuart) (27 July 2015). (Estimates Committee A)

The Hon. K.J. MAHER (Minister for Employment, Minister for Aboriginal Affairs and Reconciliation, Minister for Manufacturing and Innovation, Minister for Automotive Transformation, Minister for Science and Information Economy): I am advised:

1. A revised budget of $2.83 million was approved in February 2014 by the then Minister for Manufacturing and Innovation.

The expenditure for 2013-14 was $80,000.

The expenditure in 2014-2015 was $600,000.

The budget over the forward estimates is $1,200,000 2015-16 (which includes an approved carryover of $250,000 from 2014-2015) and $950,000 in 2016-17.

2. The SA Micro Finance Fund supported 10 businesses in its first year. Innovyz Start graduated 34 companies and supported a further eight outside the Innovyz Start program.