Page 3235 - Week 11 - Tuesday, 17 September 2013
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It is important to see these approaches as more than investment in research. What they are about is investing in new knowledge capability—knowledge that attracts talent, investment and the creation of intellectual property with commercial value that can attract and form new businesses. A strong research community is only one part of an innovation ecosystem. The right business environment is also critical for success, and the government has played a major role in delivering this.
We have worked hard to position our innovation and entrepreneurship programs to ensure that there is a clear commercialisation path in the ACT for ideas with commercial potential. The ACT government’s popular innovation connect grant program, which provides early-stage funding to progress novel solutions to a proof of technology stage, has supported over 110 projects, with funding of over $2.8 million.
The government’s sponsorship of the Lighthouse Business Innovation Centre, which delivers peer support and expert advice to innovators and entrepreneurs, has also been significant in linking projects into the innovation connect path and then into complementary programs along that commercialisation path.
The ACT’s capital market has matured; local innovative businesses now have greater access to early-stage capital. For example, firms at the proof of concept and early commercialisation stage can now access the discovery translation fund, ANU Connect Ventures, the Canberra business development fund and the Business Angels network. Ten years ago, there was only the Canberra business development fund, with just $2 million available for investment.
The ACT government invested $10 million in the ANU Connect Ventures equity fund to leverage a flow of investment of $20 million from the Motor Traders Association of Australia. Nearly $8 million of that investment is currently under active management, with investments through both the equity fund and the discovery translation fund.
The ACT government has also increased the original investment in the CBDF, administered by Australian Capital Ventures Limited. The ACT government funding now totals $4.5 million, which has been matched by the Hindmarsh group. To date, the fund has created some 80 new jobs and leveraged an extra $162 million from private and commonwealth sources.
The ACT Business Angels network, which received a small establishment grant from the ACT government, is now a well-organised and active angel investment community, making regular investments into innovative ACT companies. Now operationally linked to the other major institutional players in the innovation system, the angels network continues to grow and broaden. The network also partners with the Lighthouse Business Innovation Centre to identify potential high-growth businesses requiring early-stage investment.
Let me now highlight some of the examples of successful companies that have been supported along the ACT commercialisation path.
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