The Minister for Innovation and Industry Senator Kim Carr has called on fund managers to submit applications under the latest round of the Government’s venture capital support program, the Innovation Investment Fund (IIF).
In the wake of the global recession it is more important than ever to attract investment to support the commercialisation of great Australian ideas, Senator Carr said.
“The fund has been an important catalyst for building new innovative businesses, developing fund managers, and growing a domestic venture capital market, he said.
“Having a domestic venture capital market helps Australian start up and high growth companies grow and generate wealth and new sources of employment to benefit industry and the economy.
“Through the IIF program the Australian Government will provide $20 million to each successful fund manager to establish new funds of $40 million or more.
“These new funds will assist promising early stage Australian companies commercialise Australian research which will result in the creation of competitive products and services.
“Fund managers will provide the necessary capital and management expertise to help these products and services succeed in a competitive global market.
“The IIF program has generated a total commitment of almost $500 million to date from government and the private sector to commercialise Australian research. A number of world leading products and services have been developed through the program.”
Applications for the current round close on May 31.
For more information visit: www.ausindustry.gov.au or call the AusIndustry hotline: 13 28 46.