The CSIRO has launched a $200 million innovation fund to commercialise early stage innovations from CSIRO, universities and other publicly-funded research bodies.
Established as part of the Australian Government’s National Innovation and Science Agenda, the fund will comprise a commitment of $70 million in government funding, $30 million revenue from CSIRO’s WLAN program and additional private sector investment.
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 the ON 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,” he 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.”
Management of the fund will be led by veteran venture capitalist Bill Bartee, who has a background assisting disruptive, innovative companies grow.
“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.”
Another component of CSIRO innovation strategy is ON, a national sci-tech accelerator. Early-stage innovations supported by ON include a non-invasive diagnostic test that can detect the presence of endometrial cancer; ultra-low gluten Kebari barley for the food and beverage industry; and a natural animal feed additive called FutureFeed that reduces methane emissions from cattle.
[Venture capitalist Bill Bartee will manage the CSIRO Innovation Fund. Photo: CSIRO]