The South Australian Government has announced a new name for its bioscience agency, Bio Innovation SA, and confirmed broader responsibilities for the organisation.
Bio Innovation SA, which was established in 2001 to foster the growth and development of the bioscience industry in South Australia, will be renamed TechInSA.
Since its creation, BioSA has provided grants totalling $22 million to more than 240 companies. This has leveraged around $3 in private capital for every $1 of grant funding.
BioSA has also helped the establishment of more than 80 new bioscience companies, and has overseen a doubling of jobs in South Australia’s bioscience sector to around 1,700.
Under the new regulations establishing TechInSA, governance mechanisms will also be tightened around internal policies and processes, with increased accountability and reporting requirements, and a clearer relationship between the Board and the Chief Executive.
According to South Australian Science and Information Economy Minister, Kyam Maher, the state has a bold vision to become a national and international destination of choice for innovation and investment.
"That’s why we have made a game-changing State Budget investment of almost $80 million to accelerate South Australia’s transformation to a modern, innovative economy that supports and creates jobs for the future," said the minister.
"That investment includes a $50 million SA Venture Capital Fund to help businesses secure vital investment, a $10 million SA Early Commercialisation Fund to help start-ups turn their innovative ideas into commercial products and services, $7.5 million to support UniSA’s Future Industries Institute, and $4.65 million for ultra-high speed internet for Adelaide’s innovation precincts.
"We need to better leverage our existing innovation assets such as successful research clusters in areas such as medical devices and reproductive health, and our established industry precincts in health, medical technology, and bioscience.
"The new TechInSA reflects the need to keep pace with the rapid change in a range of high-tech industry sectors, and to facilitate further development of these sectors."