BOOST FOR START-UP COMPANIES AND JOBS - Securing the future beyond the financial storm
Source: Australia. Minister for Innovation, Industry, Science and Research. Media Release
Senator Kim Carr, Minister for Innovation, Industry, Science and Research has announced (18/3/09) that the Australian Government will provide up to $83 million to early stage start-up companies – who have been starved of funds due to the global financial crisis.The Innovation Investment Follow-on Fund (IIFF) is about ensuring a future beyond the financial crisis for our best and brightest start-up companies.These firms are the next Cochlear, Gekko Systems and ResMed. They are doing ground-breaking work in cutting edge areas like clean energy, biotechnology and ICT.If we lose these innovative companies we will never get them back.The companies that could benefit from this fund employ at least 1000 people in high-skill, high-wage jobs.In order to help these firms ride out the financial storm, $83 million will be offered in follow-on funding to over twenty venture capital fund managers licensed by the Commonwealth under existing programs.