Opening the latest application round today, Innovation Minister Senator Kim Carr said the fund has been an important catalyst for building new innovative businesses, developing fund managers, and growing a domestic venture capital market.

“Through the IIF program the Australian Government will provide $20 million to each successful fund manager to establish new funds of $40 million or more.

“These new funds will assist promising early stage Australian companies commercialise Australian research which will result in the creation of competitive products and services.

“The IIF program has generated a total commitment of almost $500 million to date from government and the private sector to commercialise Australian research.  A number of world leading products and services have been developed through the program.”

The IIF Program is a venture capital program that supports new innovation funds and fund managers with expertise in early stage venture capital investing. It co-invests with private sector investors in venture capital funds to assist early stage companies to commercialise the outcomes of Australia’s strong research capability.

Under the first tranche of round three the Australian Government licensed the Cleantech Australia Fund Management Partnership LP and Brandon Capital Management Pty Limited. The Government has recently licensed Yuuwa Capital under the second tranche of round three and a second manager is currently finalising their IIF licence.

Applications for Tranche 3 of Round 3 close on Monday 31 May 2010.

To assist potential applicants, information seminars will be held in Perth, Adelaide, Melbourne, Sydney, Brisbane and Canberra in early March 2010.