Curtin University and the State Government have each provided a financial boost for the commercialisation of new technology developed in Western Australia.
Curtin University and the State Government have each provided a financial boost for the commercialisation of new technology developed in Western Australia.
Curtin’s council agreed last week to provide $1 million for a pre-seed fund that will invest in promising, early-stage research developed within the university.
In addition, Curtin is in discussions with Murdoch University over the future management of a $10 million commercialisation scheme established in partnership with Westscheme superannuation fund.
Westscheme is investing $10 million over 10 years in Murdoch research, and the current discussions could result in that being widened to include Curtin research.
The commercialisation of intellectual property has become a major focus for Australia’s universities as they seek to boost their financial returns and lift their research profile.
The main role of pre-seed funds is to help scientists and inventors develop promising laboratory research and enable them to gain the backing of venture capital firms and other investors.
The State Government’s innovation capability development scheme is designed to perform a similar role.
The first round of $25,000 grants under the scheme was recently awarded to 12 WA companies, including two listed companies, Neptune Marine Services, which has developed underwater welding technology, and ZBB Energy, which has developed batteries for large scale electrical energy storage.
The establishment of Curtin’s pre-seed fund follows ‘one off’ investments in two Curtin spin-out companies – Neuromonics, which is marketing a treatment for tinnitus, and Sea Gyro, which is developing a stabilisation device designed to reduce rolling motion in boats.
Curtin’s pro vice-chancellor research and development, Professor Barney Glover, said the pre-seed fund would invest small amounts of money in a broad spread of high-risk ventures at a very early stage of development.
“We’d aim to enhance their attractiveness and lower the risk so that we can aggressively seek more funding at a better valuation,” he said.
“It’s all about filling the gap to protect our longer-term position.”
The fund will invest between $20,000 and $300,000 in each project, with the larger amounts advanced over time and subject to defined milestones.
The Murdoch Westscheme Enterprise Partnership, established in 2004, has similar investment guidelines, though it has the potential to invest up to $500,000 in each venture.
MWEP investment manager Dr Howard Carr said it had invested in six projects to date, with four still active, and had approved total advances of about $1 million.
The University of WA, which was the first institution in Perth to establish a pre-seed fund, generally provided smaller advances to each project.
Its Pathfinder fund provides up to $250,000 a year, with a maximum investment of $40,000 for each project.
UWA’s director, office of industry and innovation, Dr Andy Sierakowski, said the fund had invested in 13 projects, with four having already repaid the funding.
Meanwhile, recipients of the State Government funding include four software companies – BMS Solutions, Brookstone Technologies, Embedded Technologies and PureSamba, a subsidiary of geographic information systems company NGIS.
Three of the recipients have an agricultural focus; Agri-Biotech is developing enhanced milk products, Custom Composts is developing pelletised compost for broadacre farming, and Jakim is developing large scale systems for free-range organic egg production.
Express Rx is developing remote dispensing machines for pharmaceuticals, Secure Systems develops computer hardware security products and Vivid Group is developing content management technology for web portals.
