STARTUPS and innovative enterprises in South Australia have lost a valued supporter, with Innovate SA confirming it will cease to be funded after 30 June 2012.
Innovate SA was founded to support the growth and development of sustainable South Australian enterprises and industry sectors.
A memo by Greg Boundy, chief executive of Innovate SA, confirmed that the body will not be funded beyond 30 June 2012.
This move was pre-empted in 2010, when the Sustainable Budget Commission recommended to the South Australian Government to not fund Innovate SA beyond the funding closing date of 30 June 2012. This recommendation was adopted in the 2010-11 state budget.
Innovate SA was founded 1 July 2009, providing businesses with Business Advisors and business development programs and services. It targeted companies wanting to attract investments, startups with high growth potential and mature companies wanting to transform.
Innovate SA will continue to provide its range of programs and services over the next four months and where possible advise of alternative sources of business support available.