Businesses eager to innovate the mining and energy sectors will be put in the fast lane with the launch of a new late-stage accelerator program.
Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick said the RISE (Resources Innovators, Scale-ups and Entrepreneurs) Accelerator program would provide mentoring to scale-ups offering proven solutions to priority challenges facing the mining and energy resources sectors.
"It's about providing these scale-ups with a better understanding of customer needs and processes, so we can help them refine their value propositions and pitches to attract buyers and investors from around the world," Mr Dick said.
"This builds on the success of the 2017 Igniting METS Accelerator, delivered in partnership with METS Ignited, the Australian Government's Industry Growth Centre for METS.
"The funding put towards that program was money well spent, as the eight businesses who took part in the pilot have to date attracted more than $12 million in new contracts and venture capital between them.
"Now, with the RISE Accelerator 12-week intensive mentoring program, we are looking to expand on that success."
METS Ignited Acting CEO Dr Ian Dover said RISE will build on last year's pilot with the Queensland Government and see further collaboration between Industry Growth Centre NERA (National Energy Resources Australia) and the Western Australian Government to reach the priority sectors of mining and energy resources.
"RISE will help mining and energy resources companies to scale-up their businesses and access new markets here and overseas," Dr Dover said.
"The scale-up accelerator is different to most in that it runs two parallel streams: one for corporate partners and one for SMEs, helping to support industry innovation through collaboration."
Mr Dick said the involvement of NERA in RISE has resulted in energy resources businesses being invited to take part in the accelerator for the first time.
"Previously, only mining-related businesses were involved with the accelerator, but this time around energy resources businesses will also feature," Mr Dick said.
"By casting our net wider, we're going to capture event more valuable knowledge, which will result in greater support for these emerging business powerhouses.
"I'm also pleased to confirm the RISE Accelerator in Queensland, like Igniting METS, will be fully funded by the Palaszczuk Government, through our funding agreement with METS Ignited.
"And as with Igniting METS last year, RISE will be operated by KPMG, based on its highly successful Energise accelerator program."
Innovators in the mining and energy resources sector have until 31 January 2019 to apply to enter the RISE Accelerator, which will run from March to May 2019.
Visit the RISE Accelerator website to find out more.