Innovation hub Spacecubed secures $5.9m Lotterywest grant amid push to diversify WA’s economy

Perth’s innovation industry needs more collaboration to ensure young entrepreneurs can develop fresh ideas to help diversify the State’s economy, according to local tech leaders.

Brodie McCulloch, founder of Spacecubed, said he would use a $5.9 million Lotterywest grant the innovation hub had secured to bring together a number of organisations to create more cohesion in the State’s innovation industry.

“Over the past five years, everyone has been trying to make their own mentoring programs for entrepreneurs, but there’s only around 2.1 million people in Perth,” he said.

“We don’t have the population to not have that level of deeper collaboration.”

The three-year grant will enable Spacecubed — which has contributed over $4 billion in economic, social and environmental impact since its inception in 2012 — to develop networks across WA’s innovation sector.

Malka Foundation chair Nicole Lockwood said the grant was a step towards diversifying WA’s economy, which was heavily reliant on resources.

“WA is blessed with having such a strong economy but it’s dominated by resources, and innovation hasn’t had the focus it should have had,” she said.

“It’s that recognition that we need to diversify these areas and build upon the strengths of our resources sector, but also find new strengths.”

Ms Lockwood noted that many Perth startups had been forced to move across the country or overseas to develop their business, due to a lack of funding and support for new companies in WA.

However, she said WA had the capacity to attract entrepreneurs from across the world if the appropriate infrastructure was in place.

“I think we have a real pioneering spirit ... we’re very isolated and we’ve had to work quite hard to create a global presence,” she said.

“The lifestyle we have here means people who are innovative can have good work-life balance. If we can bridge the gap between supporting business and funding them, there’d be no reason to leave.”

Ms Lockwood stressed that the WA Government should treat supporting innovation as a matter of priority, so we did not fall behind other countries.

“With the global pressures of digital disruption and climate change, it’s a great time to show the world what we’re capable of,” she said.

“If we can move fast, we could be one of the most innovative places to live and work.”

ICT Minister Stephen Dawson said in a statement that supporting an innovative economy was “at the heart of the McGowan Government’s ability to diversify WA’s economy”, and that strengthening the sector would create more viable businesses and local jobs.