The Rudd Government’s $83 million Innovation Investment Follow-On Fund opened for applications today.
Senator Kim Carr, Minister for Innovation, Industry, Science and Research, encouraged eligible fund managers to apply.
“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 through 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.
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 commercial realities.
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