$160m to help innovative start-up companies

16-11-2010

A market-leading pain management product and an autoimmune disease treatment will get a head-start from a new Federal Government Innovation Investment Fund launched recently.

Innovation and Industry Minister Senator Kim Carr says an additional $160 million in venture capital will be made available through four new funds.

“Venture capital is a critical element of an effective innovation system because it links research to world markets, says Senator Carr.

“The venture capital we are providing these fund managers will help early-stage high-growth Australian companies commercialise their research. This will lead to new skills, jobs and trade opportunities that will grow our economy,” he said.

“Receiving Government funding of $20 million each, the four fund managers also have received funding from private investors. This private investment must match or exceed the Government’s investment.

Carnegie Venture Capital, MRCF, Southern Cross Venture Partners and Start-up Australia Ventures are the four new fund managers.

They will use the investment to help new companies commercialise their research and bring a wealth of new products into the Australian economy.

“Each fund has its own focus, says Senator Carr.

“For example, one will look at spin-outs from our world-class medical research institutes and another will focus on internet and new media technologies.”

Senator Carr said the Innovation Investment Fund plays an important role in developing fund managers and building management skills within new companies.

Since it began in 1998, the Innovation Investment Fund has supported more than 90 companies.

For more information on the Innovation Investment Fund, visit www.ausindustry.gov.au, phone 13 28 46 or email VentureCapital@innovation.gov.au.

For more information on the range support provided through the Innovation portfolio, visit www.innovation.gov.au.

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