The BioSA incubator is the first dedicated bioscience incubator in Australia, which is aimed at promoting and accelerating the commercialisation of research and development in South Australia.
The continued job growth at the business incubator has been welcomed by the State Government, as it has employed 150 workers and has helped create over 75 companies.
“These South Australian entrepreneurs and businesses have helped grow our reputation as an innovative, research-devoted State, and have created jobs at home while exporting products and services interstate and overseas. The demand for work space for small to medium-sized technology companies has been so strong that that BioSA’s two business incubators at Thebarton Technology Precinct are now near maximum capacity,” said Science and Information Economy Minister Gail Gago in a media release.
The state-of-the-art incubator opened in June 2008 and it is valued at A$12 million.
“In just four years, the BioSA Business Incubator has filled with tenants, and they anticipate even stronger growth at its larger Tech Hub facility, which is set to officially launch next month. The best thing for our State’s economy is to continue creating science, research and advanced manufacturing business opportunities, multiplying the jobs and building our knowledge state.”
The purpose-built building offers modular office and laboratory space to accommodate early stage bioscience companies, so continued support from the Federal Government is of the utmost importance.
“With the Federal Budget proposing to slash funds to science and innovation, our ability to nurture sustainable, high-tech job growth in industries of the future may be impeded. Today, Chief Scientist Dr Leanna Read and I have written to Education Minister Christopher Pyne and Industry Minister Ian Macfarlane to ask them to reconsider the drastic cuts of $845 million over five years from national innovation and commercialisation programs,” said Minister Gago.
“Our country needs that funding, and our State needs that funding to continue to foster the work that is going on at places like BioSA. The work at BioSA fits directly with the State Government’s economic priorities to invest in collaboration and innovation to help industry prosper, increase the jobs growth and continue to develop world-class experts, products and initiatives.”
“The benefit of business incubators is that they support start-ups and reduce their risk of failure, allowing bright ideas to flourish into a commercial reality that sustains high-value jobs,” said BioSA Chief Executive Jurgen Michaelis.