Rio Tinto Iron Ore chief executive officer Simon Trott reckons Western Australia can be the Silicon Valley of the global mining industry, thanks to the opening of the first Australian hub of Founders Factory in Perth.
The UK-based venture studio and start-up investor comes to Perth as part of a three-way partnership with the WA government and Rio Tinto.
The miner has agreed to invest $14.4 million in global pre-seed and seed-stage start-ups over the next three years.
Founders Factory has hubs in London, Johannesburg, Milan, Berlin, Bratislava, New York and Singapore.
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Founders Factory CEO Henry Lane said start-ups could drive further productivity, safety and automation in the mining sector, while accelerating the industry's transition to net zero.
"This program can help international and local founders test their technologies with the global leader in the sector and find pathways to commercial scale and impact," he said.
WA premier Roger Cook said securing the internationally renowned Founders Factory for Perth was a major coup.
Trott said Rio Tinto would focus on backing technologies around safe mine operations, decarbonisation, exploration processing and automation.
Each start-up will receive cash and access to Founders Factory's four-month accelerator program, to support product development and commercialisation.
Trott said Rio Tinto's iron ore operations in the Pilbara were among the most technologically advanced in the world.
"This exciting new partnership gives us the opportunity to build on our innovative legacy to unlock new technologies and help our business find better ways to provide the materials the world needs," he said.
"With the backing of industry and the state government, local and international start-ups will receive investment opportunities and access to real-world testing and scaling support, helping WA's innovation economy to grow."
Under the scope of the government's investment, nature-tech start-ups that preserve and restore nature and biodiversity will be favoured.
Cook said to decarbonise the economy by 2050, it was vital that government supported local start-ups capable of developing the technology to reach that goal.
"This is the first time the tech accelerator has operated in Australia, providing a springboard for innovative local businesses to reach an international audience and maximise their chances of success," he said.
"This three-year partnership will further cement WA's position as a global leader in research and development, helping to diversify the economy and create the jobs of the future."
