Legislative Council Fifty-Third Parliament, Second Session (53-2) 53 2 Parliament of South Australia Legislative Council published Question Time Venture Catalyst Program Venture Catalyst Program The Hon. G.E. GAGO Legislative Council Venture Catalyst Program The Hon. G.E. GAGO (14:31): My question is to the Minister for Manufacturing and Innovation. Can the minister update the chamber on the latest recipients of the Venture Catalyst program? The Hon. K.J. MAHER Legislative Council Minister for Employment, Minister for Aboriginal Affairs and Reconciliation, Minister for Manufacturing and Innovation, Minister for Automotive Transformation, Minister for Science and Information Economy Venture Catalyst Program 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) (14:31): I would like to thank the honourable member for her question and for the contribution she has made to innovation in South Australia as a minister in this area. She was a very good and well-respected minister. I have to say that in the innovation area I regularly come across people who talk fondly about some of the programs the former minister put in place. The Hon. T.J. Stephens Legislative Council The Hon. T.J. Stephens: Name one. The Hon. K.J. MAHER Legislative Council The Hon. K.J. MAHER: I don't have time to go through everyone who has talked about how good the Hon. Gail Gago was. We would be here for 48 minutes and I am sure everyone would get sick of that. I would have the Hon. John Dawkins getting up, calling a point of order and saying I had been on my feet for eight or nine minutes saying how many people thought the Hon. Gail Gago was a fantastic minister, so I won't do that. The state government is committed to supporting the commercialisation of research undertaken in our state's research institutions. That is why we have partnered with the University of South Australia to establish the Venture Catalyst program, which is to support entrepreneurs by encouraging collaboration between Uni of SA students and industry to turn knowledge and ideas into business opportunities. Students are supported to create start-ups for the commercialisation of products, services or processes in any field of research offered by the University of South Australia. It is entrepreneurship like this that will be a key driver of the state's future prosperity, helping to create high-tech jobs, economic growth and boosting our state's global competitiveness. Through the program, applicants are eligible to receive grants of up to $50,000 to be used to further develop the product, service or process and take it to market. Since its inception three years ago, the program has been a great success, building our state's economy by increasing the number of university graduates skilled at developing and commercialising new ideas, increasing the number of university graduates motivated to start a new local company, increasing the number of successful start-ups in South Australia and the amount of investment in these start-ups, and boosting employment opportunities for all South Australians. On Monday, the latest Venture Catalyst award ceremony was held at the University of South Australia's City West campus, and I understand that 14 applications for funding were received for the latest round with three chosen to pitch to the industry-based assessment panel for consideration. The panel of industry experts included Professor Göran Roos, a member of the Economic Development Board; Professor Jana Matthews, Director, University of SA's Centre for Business Growth; Ms Amanda Wood, the National Secretary of the Association for Manufacturing Excellence; Mr Stephen O'Brien, a senior associate at Madderns Patent and Trade Mark Attorneys; and Mr Paul Sandercock, Managing Director of PPS Global. Two applicants, TC Pinpoint and EcoJet Engineering, were successful, with each being awarded $50,000 in Venture Catalyst funding at the ceremony. TC Pinpoint is a cloud-based software management tool that is the creation of Rachel Kidwell. Rachel has developed this innovative application for use in retail tenancy delivery in shopping centres. I understand that TC Pinpoint is the only product of its type in the market, bringing together all stakeholders involved in the tenancy delivery process on the one platform, and effectively creating a streamlined cost and timesaving approach to the delivery of such retail tenancies. EcoJet Engineering is a start-up company established by Alexander Wright, Warren Day and James Kim which focuses on realising the potential of an innovative micro gas turbine. By redesigning the turbine concept for power generation rather than thrust applications, EcoJet expect to provide a cheaper and cleaner way to run micro gas turbine than those currently available in the marketplace. The turbine they have created burns hydrogen gas, which effectively creates a very low emissions power source. These recipients join other Venture Catalyst alumni such as Jemsoft, MyEvidence, Voxiebox and Vinnovate. I was with the founders of a couple of those start-ups at forums this morning. I congratulate the latest recipients of Venture Catalyst grants and look forward to updating the chamber on the success of these start-ups, hopefully, in the future. I also look forward to the next Venture Catalyst round, which will start in the first half of the 2016-17 financial year.