$78.7 million Pre-Seed Fund applications

The Commonwealth government's Industry Research and Development Board has called for applications from experienced venture capital fund managers to operate its Pre-Seed Fund, Minister for Industry, Science and Resources, Senator Nick Minchin has just announced.

The Pre-Seed Fund provides up to $78.7 million in Commonwealth funding to help commercialise research from the public sector and is one of the initiatives of Backing Australia's Ability. "The funds created under this program will target commercially promising research and development opportunities at the pre-seed stage in Australian universities and Commonwealth government-owned research agencies," he said. The Commonwealth funding of up to $78.7 million will be matched by the private sector up to a maximum of 3:1 Commonwealth to private capital ratio. Information for applicants, including the selection criteria for fund managers, is available here.

Item provided courtesy of Science Industry