The Rudd Government’s $83 million Innovation Investment Follow-On Fund opened for applications today.
Announcing the opening, Senator Kim Carr, Minister for Innovation, Industry, Science and Research, encouraged eligible fund managers to apply for funding.
“The fund is a temporary, targeted response to address a lack of capital available to the most promising young innovative companies during the global recession,” Senator Carr said.
“It will enable these companies to continue to develop and to commercialise their products and services during this difficult period.
“The commercialisation of innovation is vital to Australia's prosperity and will continue to be strongly supported by this Government.”
Funding is available to fund managers currently licensed by the Government though Rounds 1 and 2 of the Innovation Investment Fund, the Renewable Energy Equity Fund and the Pre Seed Fund as well as successful applicants under the ICT Incubators program. Fund managers may invest in early stage companies that have already received investment capital under these programs.
The Rudd Government’s commitment to encouraging innovation and supporting all firms bring their new ideas to market was reaffirmed in the 2009-10 Budget.
Two new measures will assist firms commercialise their research through the establishment of a $196.1 million Commonwealth Commercialisation Institute and the introduction of an R&D Tax Credit.
These initiatives are aimed at ensuring the best ideas developed by Australian universities, publicly funded research agencies and new enterprises are grown in Australia and become successful commercial realities.
For further information on these important initiatives visit AusIndustry’s website, call the hotline 13 28 46 or email hotline@ausindustry.gov.au
Media contacts: Patrick Pantano, Minister's Office, 0417 181 936
Chris Birch, AusIndustry, 6213 7658, 0411 405 675