Progress Against Objectives - December 2017
Objectives for 2017
Status (as at December 2017)
Establish a new private sector financial market capacity to fund emerging South Australian businesses.
The $50 million South Australian Venture Capital Fund became operational in July 2017. The Fund will support our innovative businesses to attract private sector co-investment to enable them to become more competitive and reach new markets.
Increase the number of small and medium size businesses by 5 per cent each.
The number of small and medium sized businesses has risen over the last year by 0.6% and 0.1% respectively. In February 2017, Australian Bureau of Statistics (ABS) data showed that the survival rate of new entry businesses in South Australia over a four-year period to 2016 was the highest in mainland Australia at 57.2%.
State government programs including the Small Business Development Fund and the Job Accelerator Grant Scheme aim to support the growth of South Australian businesses, enabling them to expand their operations and employ additional staff to grow.
As at November 2017, over 400 jobs are expected to be created by Small Business Development Fund recipients, enabling some of these businesses to expand from being non-employing to small businesses, and small to medium sized businesses. As at 27 November 2017, 5,115 businesses have registered 15,018 jobs for the Jobs Accelerator Grant
Ensure that our small business leaders have the capability to attract external capital.
The South Australian Early Commercialisation Fund (SAECF) helps to develop capability by assisting South Australian high growth ventures and entrepreneurs to successfully commercialise their intellectual property, strengthening their ability to attract capital from external sources.
As of 20 November 2017, 43 grants have been awarded to 40 companies from the SAECF. Total commitments from the SAECF amount to $5.2m, leveraging $4.1m in matched funding from recipients.
Increase the number of South Australian small businesses exporting by 10 per cent.
As at June 2016, the number of small goods exporters was 1,450, which represents an increase of 24% from June 2013. Final data for this objective is expected to be available in June 2018.