New Fund Gets $100M Boost; Venture Capital Fund to Help Australian Business Ideas and Research Compete in International Markets
UP TO $100 million will be invested in new, innovative companies as part of the Australian Government's Innovation Investment Fund.
The Federal Government will support private sector investors to help ensure 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 $100 million would lead to $200 million 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.
aThrough the IIF, the Australian Government aims to increase investment in growth companies and connect them with international markets,a Senator Carr said.
aVenture capital has been shown to be an effective mechanism for commercialising innovative technologies into new products, services and processes.
aWe 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.a
Senator Carr highlighted Sydney-based biotech manufacturer Pharmaxis as a successful technology company supported by the Australian Government's Innovation Investment Fund. …