The South Australian State Government has committed $150,000 to a venture capital scheme in partnership with the University of South Australia that will turn students' entrepreneurial ideas in to real businesses.
Venture Catalyst (VC) has opened its first round of applications, providing the seed funding and endorsement for participants to make a difference to the state's future economy.
Manufacturing and Innovation Minister Susan Close said the program will encourage entrepreneurship among students.
"The recognition and development of opportunities can help young innovators to commercialise ideas that can create jobs and support this State's economic transformation," Minister Close said.
"It's not often young entrepreneurs are able to access seed funding to develop products or services that could later lead to job-creating business ventures."
UniSA Vice Chancellor Professor David Lloyd said the university is thrilled to partner with industry and government.
"Universities by their very nature are a breeding ground for new thoughts and innovative ideas. The VC initiative is a way of harnessing the creative energy of our students and transforming their passion and ideas into projects that will be of real benefit to the wider community," he said.
The Venture Catalyst program is open to current students, as well as university graduates who have completed their qualification in the previous 12 months.
It links with other industry partnerships such as the Innovation and Collaboration Centre with Hewlett Packard and the Lance Hill Design Centre with Hills Ltd.
South Australian University students have a number of entrepreneurial opportunities through programs such as the Flinders University New Venture Institute and the Lance Hill Design Centre and Hills D-Shop.
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