Posted: 2010-11-05 in Press Releases
A market-leading pain management product and an autoimmune disease treatment are just two success stories that have got a head-start from the Australian Government's Innovation Investment Fund.
Announcing that over $160 million in venture capital will be made available through four new funds, Innovation Minister Senator Kim Carr said venture capital is a critical element of an effective innovation system because it links research to world markets.
"The venture capital we are providing these fund managers today will help early-stage high-growth Australian companies commercialise their research. This will lead to new skills, jobs and trade opportunities that will grow our economy," Senator Carr said.
"Receiving Government funding of $20 million each, the four fund managers also have received funding from private investors. This private investment must match or exceed the Government's investment.
"Carnegie Venture Capital, MRCF, Southern Cross Venture Partners and Start-up Australia Ventures are the four fund managers being announced today. They will use this investment to help new companies commercialise their research and bring a wealth of new products into the Australian economy.
"Each fund has its own focus. For example, one will look at spin-outs from our world-class medical research institutes and another will focus on internet and new media technologies.'
Senator Carr said the Innovation Investment Fund plays an important role in developing fund managers and building management skills within new companies.
Since it began in 1998, the Innovation Investment Fund has supported more than 90 companies.
Attached are details of the successful fund managers and examples of previous successful investee companies.
For more information on the range support provided through the Innovation portfolio, visit www.innovation.gov.au.
Sheena Ireland, Minister's Office, 0427 092 100
David Wilson, Department, 02 6213 6025 or 0451 633 818