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Progress against objectives

South Australia&rquo;s small businesses have access to capital and global markets

Objectives for 2017

2 year Progress Review

Progress

Establish a new private sector financial market capacity to fund emerging South Australian businesses.

On track

As part of the 2016-17 State Budget, the Government announced the establishment of a $60 million South Australian Commercialisation Fund. The fund will consist of a $10 million South Australian Early Commercialisation Fund, to better support local innovative start-up businesses, and a $50 million South Australian Venture Capital Fund, which will invest in local early-stage companies with high growth potential, and attract co-investment from private venture capital.

Increase the number of small and medium size businesses by 5 per cent each.

Challenging

The number of South Australian small and medium sized businesses remained largely unchanged to June 2015, reflecting industrial restructuring.

The $10 million Small Business Development Fund for Northern Adelaide was established in May 2016, and the 2016-17 State Budget announced the $109 million Job Accelerator Grants Scheme to accelerate the establishment and growth of small and medium enterprises and to create jobs.

Ensure that our small business leaders have the capability to attract external capital.

On track

Since March 2016 a series of small business capability building workshops has attracted over 360 participants. The $10 million South Australian Early Commercialisation Fund, will accelerate the growth of innovative businesses and make them more attractive to venture capital.

Increase the number of South Australian small businesses exporting by 10 per cent.

Achieved

The number of small goods exporters was 1,339 as at June 2015, which represented an increase of 14% from June 2013.