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One of Australia’ more progressive government initiatives for start-ups and tech entrepreneurs Innovate SA has been dumped by the South Australian state government, which has pulled essential funding.

As part of a wide ranging review of the South Australian Government’s finances, the Sustainable Budget Commission made a recommendation to not fund Innovate SA beyond the agreed funding closing date of 30 June 2012.

The suggestion was adopted in the 2010-11 South Australian state budget. The organisation, which has been running since 2009, has been assisting the start-up community with business development programmes, training and mentorship, and helped launch some of South Australia’s successful recent technology entreprenuers.

Innovate SA chief executive Greg Boundy said: “We know that Innovate SA has had a significant impact upon the numerous South Australian businesses we have dealt with, through our Business Advisors and the unique business development programs and services we offer. Innovate SA as an organisation has also been highly collaborative in an endeavour to leverage the best value for South Australian businesses out of the variety of support services available to them.”

Boundy advised clients that Innovate SA would 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.

The reversal on funding comes only five months after the SA government reaffirmed the organisation's on-going support into 2012.

"Yesterday the 2010-11 State Budget papers confirmed Government’s original commitment to a three-year funding agreement with Innovate SA," said Boundy in September.

He added at the time, "after the recent media speculation, this is welcome news for Innovate SA and the hundreds of South Australian CEOs and entrepreneurial businesses that we work with. Whilst our funding beyond 2012 is uncertain, we will be working hard to secure our ongoing future.” ®

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