Up to $100 million is to be invested in new, innovative companies as part of the Australian Government’s Innovation Investment Fund (IIF).
The Federal Government will support private sector investors to help ensure that new business ideas that originate in Australian firms and research organisations compete in global markets.
Announcing the final tranche of IIF Round three, Senator Kim Carr said the $100million will lead to $200million of venture capital for early-stage investments. It offers a bridge to larger venture capital funds with the capacity to make significant longer-term investments.
“Through the IIF, the Australian Government aims to increase investment in growth companies and connect them with international markets,” Sen. Carr said.
“Venture capital has been shown to be an effective mechanism for commercialising innovative technologies into new products, services and processes.
“We not only want to create high-value jobs and products that will boost productivity, but also enhance our international reputation for innovation and quality research.”
I am seeking applications from venture capital fund managers experienced in developing high-growth Australian companies to become globally competitive enterprises,” Senator Carr said.
Applications for IIF tranche four close on July 2, 2012.