Senator Kim Carr, Minister for Innovation, Industry, Science and Research, today announced funding to support start-ups in the early stages of business development.
Senator Carr announced a plan that will see successful fund managers under the Australian Government’s Innovation Investment Follow-on Fund (IIFF) invest $64 million into promising early-stage companies in Australia.
“The new IIFF is a temporary, targeted and timely response to address the lack of capital available to the most promising innovative companies during the global financial crisis,” said Carr. “The fund will enable these early-stage companies to continue to develop and to commercialise research.”
Up to $64 million will be made available to 11 fund managers to provide follow-on investments to early stage companies.
For further information on the IIFF visit AusIndustry’s website at www.ausindustry.gov.au
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