Innovation managers receive boost in funding

Innovative new life sciences, information technology and medical research companies will receive a boost, thanks to a $60 million Australian Government investment in three innovation fund managers - Carnegie Venture Capital Pty Ltd, the Medical Research Commercialisation Fund and Southern Cross Venture Partners Pty Ltd.

Funding is being provided through the Innovation Investment Fund (IIF), which Innovation Minister Senator Kim Carr highlighted as effectively supporting start-up ventures in Australia, contributing significantly to our economy and improving the lives of Australians.

Announcing the funding at the ‘Markets, Money and Talent’ business networking function in Sydney, Innovation Minister Senator Kim Carr said innovation fund managers play a key role in helping smart start-up companies get their products and services into national and international markets.

“These fund managers will invest in new companies that are commercialising Australian research and development,” Senator Carr said.

Previous innovation fund managers that supported companies such as Seek.com.au, G2 Therapies and Dynamic Hearing have successfully expanded research efforts allowing these companies to bring new technologies to market sooner. For example, the BTF-developed BioBall provides precise quantitative reference standards for microbiological testing.

Senator Carr said the IIF provides high-growth companies with capital and access to commercialisation skills and international networks.

“The Innovation Investment Fund complements other Australian Government support programs like Commercialisation Australia and the proposed R&D Tax Credit. The range of programs available ensures Australian companies are supported at all stages - from start-up stage to market,” Senator Carr said.

The increased benefit to be provided by the R&D Tax Credit ensures Australian companies can continue to innovate and grow.