Innovation Bay Partners with Australian Government Department of Industry, Science and Resources
Innovation Bay is pleased to confirm partnership with the Australian Government Department of Industry, Science and Resources (the department) for 2023-24.
Innovation Bay is pleased to confirm partnership with the Australian Government Department of Industry, Science and Resources (the department) for 2023-24.
The department and its broader portfolio helps the Australian Government build a productive, resilient and sustainable economy enriched by science and technology by:
- growing innovative and competitive businesses, industries and regions
- investing in science and technology
- strengthening the resources sector.
In alignment with this purpose, the department delivers a range of programs designed to support commercialisation, innovation, entrepreneurship and startups.
The department has partnered with Innovation Bay’s VC community, Aurora. Within their range of programs, the most relevant for the VC community are the department’s concession programs to incentivise venture capital investment into startups and early stage businesses.
The DISR programs include:
- Venture Capital Limited Partnerships
- Early-Stage Venture Capital Limited Partnerships
- Australian Funds of Funds
- Biomedical Translation Fund
- Pooled Development Funds.
The tax concession programs attract foreign and local capital into the Australian venture capital sector, build investment skills, and support the growth of globally competitive businesses. Since the commencement of the programs, $30 billion of capital has been committed for investment with around 2,500 early-stage businesses receiving investment to scale their ventures.
Innovation Bay welcomes the department’s partnership, joining ASX, FCX, Edda and Gilbert + Tobin in the Aurora community, and Google Cloud, IAG Firemark, KPMG High Growth Ventures, Investment NSW and Preacta in the wider Innovation Bay partner family.
Additional information can be found here.
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