CSIRO fund backs Australian start-ups

THE CSIRO will establish a $200 million innovation fund to invest in the development of early stage technology opportunities from the public research sector, to boost their translation into commercial opportunities to be taken up by Australian industry.

The program was announced as part of the National Innovation and Science Agenda, providing $70 million over 10 years to a CSIRO-managed innovation fund aimed at bringing to market early stage commercial opportunities based on what it calls “excellent science”. 

The fund will be supported by an investment of new revenue from CSIRO’s WLAN licencing and CSIRO will seek private sector investment to form a fund of about $200 million.

CSIRO chief executive Larry Marshall said the fund would be a bridge to de-risk science and meet industry “half way with a 'beta', an investable proposition that industry can more comfortably take to market”.

“When the customer isn’t buying the product the entrepreneur doesn’t waste time blaming the customer – they change the offer,” Dr Marshall said. “This commitment will enable us to get some of our great science to market much more rapidly.

“Having a fund focused and administered close to the sources of invention and research is ideal for generating the innovation Australia needs. The fund will bring intense focus to high growth potential opportunities and at the pace that markets demand.”

Part of the government’s NISA package is the announcement of $5 million per year to expand CSIRO’s accelerator program to include other publically funded research organisations, accelerating a broad range of research for commercial adoption.

In addition to this, CSIRO has received $25 million per year increased funding dedicated to its data science efforts through the Data61 division.

Data61 has a mission of unleashing the potential in Australian industry, specifically focusing on cybersecurity, data analytics, a data research network to link business with researchers, and improving the data literacy of Australian business, Dr Marshall said.

He said the fund and accelerator were intensive hands-on operations focussed on deal creation and lifting scientists’ abilities in the fundamentals of customer first, product market fit and value creation by innovation.

“These opportunities will help improve translation of publically funded research into commercial outcomes, increase digital capability and stimulate innovation in Australia,” Dr Marshall said.

www.csiro.au

 

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