Developing and commercialising innovative technologies of 35 start-ups across the nation is the aim of the federal government's $64 million in funding, to be distributed by 11 fund managers.
Developing and commercialising innovative technologies of 35 start-ups across the nation is the aim of the federal government's $64 million in funding, to be distributed by 11 fund managers.
Senator Kim Carr, Minister for Innovation, Industry, Science and Research, has announced that the fund managers had signed funding agreements under the Australian Government's Innovation Investment Follow-on Fund (IIFF) program.
"I announced the IIFF program in March as part of the Rudd Government's comprehensive response to the global recession. It was a timely and temporary measure to assist early stage companies with high potential through the crisis," Senator Carr said.
IIFF funding extends support to 35 promising companies, selected through a rigorous competitive process, that had previously received investment capital through the first two rounds of the Innovation Investment Fund, the Pre-Seed Fund and the former ICT Incubators programs.
"An important objective of the program is to fund investee companies quickly. Already $15.58 million has been provided, ranging from $200,000 to $7 million to companies involved in the information and communications technology, manufacturing and bioscience sectors," Senator Carr said.
Full announcement below:
$64M FOR FUND MANAGERS TO HELP START-UPS GROW
Eleven fund managers will distribute a total of $64 million in government funding to assist 35 early stage companies to continue developing and commercialising their innovative technologies.
Senator Kim Carr, Minister for Innovation, Industry, Science and Research, today announced that the fund managers had signed funding agreements under the Australian Government's Innovation Investment Follow-on Fund (IIFF) program.
"I announced the IIFF program in March as part of the Rudd Government's comprehensive response to the global recession. It was a timely and temporary measure to assist early stage companies with high potential through the crisis," Senator Carr said.
"The global recession, the worst in 75 years, made accessing high risk capital extremely difficult. The IIFF provides the leg-up that some of our best and brightest start-ups need to continue. If we lose them, we will never get them back."
IIFF funding extends support to 35 promising companies that had previously received investment capital through the first two rounds of the Innovation Investment Fund, the Pre-Seed Fund and the former ICT Incubators programs. These companies were selected through a rigorous competitive process.
"The companies that benefit from this fund employ more than 450 people in high-skill, high-wage jobs," Senator Carr said.
"An important objective of the program is to fund investee companies quickly. Already $15.58 million has been provided, ranging from $200,000 to $7 million to companies involved in the information and communications technology, manufacturing and bioscience sectors.
"Making money available for investment through the IIFF program has boosted confidence and shaken loose additional private sector capital.
"Some practical benefits that have flowed already include enabling the recipient companies to continue R&D operations and to maintain employment."
