Ann: ePAT selected for CSIRO's ON Accelerator Program-MNQ.AX, page-89

The CSIRO Innovation fund will have two parts:

• An early stage innovation fund of about $200 million to support co-investment in new spin-out/startup companies products and services created by Australian research institutions. The fund will comprise $70 million in new government funding, as well as private sector investment and new revenue from CSIRO’s WLAN programme.
• A $20 million expansion to CSIRO’s Accelerator programme to include other publicly funded research organisations to more rapidly prepare their research for commercial adoption.

Expansion of the Accelerator programme will commence in 2016-17. The early stage innovation fund will be implemented in 2016.
In line with CSIRO’s Innovation Catalyst 2020 strategy, the CSIRO Innovation Fund will invest in startup and spin off companies, existing SMEs engaged in translation of research, and company formation opportunities. This investment will be aimed to:

1. Help successful businesses to grow - by boosting Australia’s productivity and exports and generating jobs as part through increased commercialisation of research outcomes of CSIRO universities and publicly funded research agencies, particularly in priority sectors of the Australian economy.
2. Boost the Australian innovation ecosystem as those individuals and companies supported by the Fund go on to further stimulate productivity and a culture of innovation and entrepreneurship.

The early stage innovation fund will be funded by $70 million in Government funding, as well as new revenue from CSIRO’s WLAN licensing. CSIRO’s intent is to have matching investment in the CSIRO Innovation Fund from the private sector, resulting in an investment pool of $200 million. The CSIRO Innovation Fund will have a unique value proposition to investors and potential investment opportunities. It will:

• be open to investment proposals from CSIRO, Universities, other publicly funded research agencies and their partners including SME’s.
• focus on proposals that bring forward the commercialisation of ‘deep technology’ across government-aligned national industry priorities as currently articulated through the Industry Growth Centres.
• invest for both commercial return and national benefit,
• focus its investment toward companies establishing themselves and with most assets in Australia during their formative years.

Funding will be provided without co-investment where necessary to kick start very early stage proposals and to address initial “Death Valley Curve” in pre-seed and seed funding, but co- investment will be encouraged.