The Federal Government’s $83 million Innovation Investment Follow-On Fund (IIFF) opened for applications last Friday.
The funding, announced in the 2009-10 Budget, is available to fund managers currently licensed by the Government though 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.
Announcing the opening, Senator Kim Carr, Minister for Innovation, Industry, Science and Research, said: “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.”
The Rudd government is currently deciding how it should structure the $196.1 million Commonwealth Commercialisation Institute.
For further information, visit the links above or contact 13 28 46 or email hotline [at] ausindustry.gov.au