Cook Government funds six startups in AUD $7.2m programme

The Cook Government has announced the first investments from its AUD $7.2 million State programme in partnership with the global tech accelerator Founders Factory, with six startups selected for initial support.

The Founders Factory Nature Tech Accelerator aims to attract climate-focused innovators to Western Australia for testing, commercialisation, and investment opportunities. The programme supports technological advancements aimed at protecting the natural world and biodiversity. The selected startups receive seed capital of AUD $50,000 each. These funds will support their enterprises' early, often pre-revenue stages.

A significant feature of the programme is its duration of three years, during which time it seeks to prevent local startups from needing to move out of the state to achieve their global scaling objectives. Founders Factory, known for its involvement in major tech hubs like London, Milan, Berlin, Johannesburg, and New York, is establishing a team in Perth to foster growth in the local startup ecosystem.

The programme's inaugural group includes SeaStock, a startup focused on producing and extracting compounds from seaweed and gas; Agra, which offers sustainable crop production systems; OceanHex, described as working on scalable kelp reforestation; Nitronic, a producer of sustainable nitrogen fertiliser through non-thermal plasma technology; Call to Country, which focuses on embedding cultural competency and indigenous engagement in business operations; and X-Centric, which develops high-performance soil testing instruments.

The programme highlights local talents and invites national and international startups looking to establish or expand their operations in Western Australia. The intensive four-month programme provides wrap-around, bespoke support to help the enterprises grow.

Innovation and the Digital Economy Minister Stephen Dawson commented on the launch: "Founders Factory is renowned worldwide as being one of the best commercialisation accelerators and having the opportunity to nurture local startups here is an incredibly valuable opportunity."

He added, "I am looking forward to the continued innovations to come from not only these selected six but for what the next few years hold for the WA Nature Tech Accelerator program."

The Cook Government's partnership with Founders Factory represents a significant advancement in fostering innovation within Western Australia's startup landscape. By concentrating on climate-related technologies and providing crucial support to emerging companies, the Nature Tech Accelerator aims to enhance local talent and position the state as a hub for sustainable innovation.

As the programme unfolds, it will be essential to assess its impact on the selected startups' growth and success and evaluate its contribution to the broader objectives of promoting biodiversity and environmental stewardship in the region. This initiative is part of the Cook Government's wider efforts to strengthen its innovation ecosystem, with the intention of establishing Western Australia as a preferred destination for world-class researchers and innovators.