Government announces $160 million for four new innovation funds
Friday, 05 November, 2010
The federal government today announced the formation of four new funds with a combined war chest of $160 million to support Australian innovation.
“The venture capital we are providing these fund managers today 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,” Senator Carr said. The four new funds are the Carnegie Venture Capital, MRCF, Southern Cross Venture Partners and Start-up Australia Ventures. Each fund will receive $20 million through federal government’s existing Innovation Fund - an independent government body made up of industry experts - with private investors meeting or exceeding this amount.
“They will use this investment to help new companies commercialise their research and bring a wealth of new products into the Australian economy,” Senator Karr said.
Each fund has its own specific focus, with one dedicetd to managing spin-outs from Australia’s leading medical research institutes while another will look at internet and new media technologies.
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