Turnbull government and CSIRO launch AU$200m innovation fund


The Turnbull government and Commonwealth Scientific and Industrial Research Organisation (CSIRO) on Sunday launched a AU$200 million fund, as part of its National Innovation and Science Agenda, to commercialise early-stage innovations from CSIRO, universities, and other publicly-funded research bodies. While Australia is above the OECD average when it comes to publishing academic papers, it lags behind in converting innovation into jobs and income. The CSIRO Innovation Fund will help address this by supporting co-investment in new spin-out and startup companies, as well as small to medium enterprises (SMEs) looking to transform publicly-funded research into commercial products. The fund will be headed up by veteran venture capitalist and co-founder of Blackbird Ventures Bill Bartee. The government will inject AU$70 million into the joint public-private sector fund over the next 10 years, alongside AU$30 million of royalties from the CSIRO's Wi-Fi patent portfolio, and an additional AU$100 million from the private sector, which Bartee will be in charge of obtaining.

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