New fund to supercharge Australian innovations

The Commonwealth Scientific and Industrial Research Organisation (CSIRO) has launched a $200 million Innovation Fund to help commercialise Australian innovations.

According to CSIRO, the fund will support co-investment in new spinout and start-up companies, as well as Small- and Medium-sized Enterprises (SMEs) engaged in the translation of research-generated in the publicly funded research sector.

CSIRO Chief Executive, Dr Larry Marshall, said the Innovation Fund was the “final piece in the puzzle”, revealing the vision set out in the organisation’s Strategy 2020.

“We have aligned all the pieces: from market roadmaps that guide our science to address the most critical needs; to [CSIRO’s national] sci-tech accelerator to help Australia’s scientists apply their science for national benefit; and now we have the Innovation Fund to invest in those ideas and reap the rewards of their success,” Dr Marshall said.

“It’s a virtuous cycle of investment in taking our best ideas from bench-top to beta to buyer. This clears the pathway for science and technology to navigate Australia’s future.”

CSIRO’s new Innovation Fund will be managed by veteran venture capitalist Bill Bartee, who was appointed following an extensive recruitment process.

“To ensure the best ideas have the greatest impact, we will back the most ambitious entrepreneurs who want to build important, enduring companies,” Bartee said.

“The Innovation Fund provides a fantastic opportunity to help ideas coming from accelerators and elsewhere realise their potential in the commercial market.”

Leave a Reply

  1. Australian Truck Radio Listen Live
Send this to a friend