SME participants in the consultation process identified difficulties accessing finance as a key growth inhibitor. A variety of funding sources are required for Ballarat to take the next step as a vibrant and dynamic ICT Centre, including business angels, venture capital, public equity and government funding. The Ballarat ICT sector's ability to attract a greater proportion of such funding will be critical for the industry's development.

Ballarat is reasonably well serviced by entities that have the knowledge and experience to assist individuals or SME's wishing to develop and commercialise intellectual property (IP) and innovations. These entities have access to Federal and State Government, and private investment funds that can be used as seed funding for early development of IP or venture capital funding to develop business plans in taking the IP to market. They realise that early support and investment by governments will stimulate private capital flow.

As already mentioned in this document the City of Ballarat has been progressive in its desire to make Ballarat a leading regional ICT centre within Australia with worldwide recognition. Reaching this current position has required investment by both the government and the private sector. The Greenhill Enterprise Centre provides an ideal incubator environment for spin out entities from the University or for small enterprises wishing to enter the IT market with a product or service.

Profile 4 - Information City Australia

Information City Australia (ICA), which has an office in the Greenhill Enterprise Centre, receives funding from DCITA for SMEs in the ICT sector. This funding is made available under the Backing Australia's Ability funding package to consolidate the achievements of the former Building on IT Strengths (BITS) Incubator Program. The BITS Incubator Program is designed to include a range of business models, and as a demonstration program to help instil confidence in private capital markets in early stage ICT firms. Information City complements other Australian Government initiatives to encourage SMEs in Australia's ICT sector to promote innovation, employment, wealth creation and economic growth.