Spacecubed, a co-working space provider and startup ecosystem pillar, has received a $5.9 million grant from Lotterywest to enhance the local early-stage ecosystem. The grant, which was presented by Innovation and ICT Minister Stephen Dawson, is the largest single one distributed by Lotterywest and will go towards the development of a sustainable, smart and innovative society in Western Australia over the next three years. The funding will feed into the work of the $16.7 million New Industries Fund, which has been supporting entrepreneurs and innovators since 2017.
The Lotterywest grant will be delivered across three complementary components, which include developing networks and collaboration across the innovation sector in WA, providing research into the state of Western Australia and how it is tracking to create an innovative society through the Innovative Society Index, and funding the development of innovative ideas at various stages from testing, to enabling and supporting ecosystem proposals through the Innovative Society Fund.
“This Lotterywest grant allows Spacecubed to take what we have learned over the last ten years and give greater support to the whole innovation ecosystem, as we proactively and intentionally grow our collective impact to support innovative ideas across Western Australia,” said Spacecubed Founder and Managing Director Brodie McCulloch.
The move seems fitting given Spacecubed was launched in 2012 with the support of a $200,000 Lotterywest grant, which was viewed as risky at the time. Since then, Spacecubed has delivered over $4 billion in social, economic, and environmental impact for the state. One notable startup that began at Spacecubed was Virtual Gaming Worlds (VGW), which is now a multi-billion dollar company.
McCulloch added that if the community does not invest in a smart and innovative society, it will be more susceptible to being impacted by wicked problems and disruption.