Micro Finance Fund

The Hon. J.M. GAZZOLA (16:28): My question is to the Minister for Manufacturing and Innovation. Minister, will you inform the council about the state government of the South Australian Micro Finance Fund?

The Hon. K.J. MAHER (Minister for Manufacturing and Innovation, Minister for Automotive Transformation, Minister for Aboriginal Affairs and Reconciliation) (16:29): I can indeed. I thank the honourable member for his very important question in relation to this matter. This is about attracting entrepreneurial effort to South Australia. The government knows that the creation of new innovative businesses and industries will be vital to ensuring the state's economic prosperity and creating meaningful local jobs for South Australians.

It's important that the government continues to support businesses to become more innovative, efficient and competitive in a global marketplace and, as a part of this strategy, we are committed to supporting innovative start-ups in this state. That's why, at the last election, we committed to support local entrepreneurs to turn good ideas into successful ventures through a number of start-up initiatives.

I am pleased to be in a position to inform the chamber that the state government has created a $1.7 million South Australian Micro Finance Fund to assist entrepreneurs to do just this. The fund builds on a range of existing government programs that aim to assist businesses in this state to innovate and create new opportunities for economic growth and new jobs. The fund builds on existing work undertaken by the government to make South Australia more globally competitive by enhancing innovation capabilities through entrepreneurship.

The South Australian Micro Finance Fund offers grants of up to $50,000 which will assist entrepreneurs in getting their ideas and start-up ventures off the ground here in South Australia. Grants will be offered on a 2:1 basis; that is, successful applicants will receive $2 of funding for every $1 they raise, up to a maximum grant of $50,000.

This fund will attract many entrepreneurs from right across South Australia but also from across the nation and, indeed, internationally to establish their start-up business in our state. The terms of the grants being offered will mean that intellectual property created, developed and commercialised through the funded projects will occur here in South Australia.

The criteria for eligible activities to be undertaken by successful applicants are quite broad to provide great scope for innovators to set up in South Australia. Grants will assist in the development of products, services or processes, including prototype development and feasibility testing of technology, marketing activities, market research, the filing of provisional patent applications and the development of intellectual property strategies.

This fund represents a great opportunity for businesses and individuals who have innovative ideas but who need some assistance in getting their idea to market and delivering their idea to market from the best place in Australia to operate as an entrepreneur—from right here in South Australia. I will be sending a letter to members with more details about the South Australian Micro Finance Fund, including the guidelines and application form, and I encourage all members to share this with any of those people in their networks who may be interested in taking advantage of this opportunity.