Tuesday, June 26th, 2012
Minister for Manufacturing, Innovation and Trade Tom Koutsantonis said today an internationally successful business program will benefit from $600,000 in funding to help foster and commercialise break-through innovation in South Australia.

Mr Koutsantonis, who is also Minister for Small Business, says the Government is to provide financial support to the Adelaide-based Innovyz which facilitates the ANZ Innovyz START program.

“Modelled on USA’s Techstars Acceleration Program, which has a proven record of success internationally, the ANZ Innovyz START program leverages the expertise of highly experienced mentors from a diverse range of fields,” Mr Koutsantonis says.

“The three-month program is open to start-up and existing companies, as well as entrepreneurs and offers opportunities to pitch to investors and venture capitalists to secure financial backing.

“The $600,000 investment, split across 2012/13 and 2013/14, demonstrates an ongoing commitment to encouraging small to medium-sized enterprises to expand and become more innovative.

“This investment is the latest step in this Government’s strategy to encourage innovation.” The ANZ Innovyz START program will contribute towards:

  • establishing a competitive advantage for the State in the area of innovation and commercialisation;
  • encouraging innovation by establishing a path from concept through to planning through to commercialisation;
  • establishing South Australia as a leader in the Asia Pacific region for the commercialisation of innovative projects;
  • attracting the next generation of entrepreneurs to South Australia; and
  • creating an ecosystem of innovators/entrepreneurs through to sophisticated investors with available risk capital and mentoring.

Innovyz Chairman, Philip Vafiadis said: “Adelaide is emerging as an ideal location for the program in Australia.

“All the elements exist in Adelaide to build a thriving entrepreneurial ecosystem and the ANZ Innovyz START program is already receiving global recognition as the emerging best practice that other programs around the world would do well to follow.

“Our focus is to help build global companies so our program is global from the outset. Our first class received 130 applicants from around the world, of which 10 were selected.

“All 10 companies, of which five are already from Adelaide, collocate in facilities provided by the program and run their businesses from this Adelaide based facility.”

ANZ Innovyz START Program Director, Dr. Jana Matthews said: “Adelaide has many of the elements required to become a hub for innovation and entrepreneurship. It has strong technology programs at universities and programs for commercializing innovation.

“The Mayor, City Council, and Premier recognize that entrepreneurs are essential for a vibrant community. Adelaide is beginning to be recognized internationally as a place to watch for new thinking and innovative business models.”

Each company inducted into the program receives up to $18,000, as well as a range of additional in- kind support valued at $185,000. The program is an initiative of Innovyz and with key support from ANZ. Sponsors include the Adelaide City Council and ITEK.

File Library

Contact Profile

Dr Jana Matthews

P: -
W: www.innovyzstart.com


innovation, entrepreneur, Adelaide, SA



More Formats

View QR Code