WA startup boost sought
Print
Economists say Western Australia’s startup sector risks falling behind without targeted investment and reforms.
A report by the Bankwest Curtin Economics Centre, Dare to Venture: Startups and the Innovation Ecosystem in Western Australia, calls for stronger talent development, gender diversity, improved access to capital, and enhanced infrastructure to diversify the state’s economy.
The review finds that while WA’s startup ecosystem has grown over the past decade, it remains significantly smaller than in other regions, employing just 9,650 people in 2024.
The report acknowledges the state’s strength in mining, energy, and resources but warns that its reliance on these sectors limits growth in emerging fields such as artificial intelligence, biotechnology, and FinTech.
Dr Daniel Kiely, Senior Research Fellow at the Bankwest Curtin Economics Centre, says startups are crucial for fostering innovation, productivity, and job creation.
But “startups do not emerge in a vacuum”, he said, urging investment in leadership, talent, and research and development (R&D) to make WA’s economy more resilient and competitive.
The report estimates that improving WA’s innovation ecosystem could create 350 new businesses and 3,500 highly skilled jobs.
The economists say access to funding, entrepreneurial experience, and talent are critical to success.
They also highlighted gender disparities, noting that male founders tend to have higher rates of exit success through acquisitions or IPOs. Addressing barriers such as funding inequities could close much of this gap.
The study calls for reforms to increase tertiary and vocational education in high-growth fields, support incubator and accelerator programs, and attract investment in emerging industries.
