Declines in the gross value of production (GVP) from commercial fishers in Western Australia and increased interest from the commercial sector in diversifying activities to adapt to seasonal variability in supply and demand has prompted the Western Australian Fishing Industry Council (WAFIC) to set the goal of introducing ten new fisheries by 2020. However, poor public perception of commercial fishing, low probability of establishing fisheries of considerable scale, and lack of efficient policy strategies hinders new development. To enhance the future of the industry, there is a very strong need to readdress current approaches to fisheries development, promote innovation and strengthen community ties. Western Australia has already taken the strategic policy decision to aim for independent third-party assessment (by the MSC) of all its fisheries, simplify its regulatory environment through expected outcomes from the MER project (Minimum Effective Regulation), and review and modernize its Fisheries Management Act. The proposed project adds further impetus to securing a future industry by initiating a research driven co-management approach to fishery development and diversification. By designing a conceptual pathway, compiling relevant biological, environmental and socioeconomic information, and applying these to test-case fisheries, the project will present a robust feasibility study into decision-tree, risk-based alternatives to creating and managing new fisheries.