A new pilot visa program will attract budding foreign entrepreneurs to develop their businesses in South Australia, Premier Steven Marshall says.
The three-year Supporting Innovation in South Australia visa is a federal government initiative set to be trialled in the state.
"This is a refreshing, innovative and bold drive to attract the world's best and brightest minds to South Australia to help create new business, industry and jobs," Mr Marshall said on Thursday.
The state government has committed $400,000 over four years to support the program, which was launched at the SouthStart technology and entrepreneur conference on Thursday.
Applicants will need to submit their business plans and be endorsed by innovation ecosystem providers or the Office of the Chief Entrepreneur.
The entrepreneurs can specialise in a variety of industries, but the government will look favourably at applications from defence and space, cyber security and big data, agribusiness, health, robotics and film.
Industry and Skills minister David Pisoni said the scheme is expected to attract up to 30 entrepreneurs in its first year and 100 in the following year.
He said the program will focus less on the finances of the applicant.
"Importantly, unlike previous visa classes in this area, the new visa arrangement does not require applicants to demonstrate a minimum funding of $200,000 for approval," he said.
"The success of their application will ultimately rest upon the quality of their start-up and idea and the soundness of their business plan."
