New venture capital announced for start up business in Australia
Starting a business in Australia is getting a boost from new funds being set up to provide access to venture capital for small and medium sized enterprises. At least $200 million will be invested into early stage, high growth Australian companies by three new venture capital funds supported by the government?s Innovation Investment Fund (IIF).
The Minister for Climate Change, Industry and Innovation, Greg Combet, announced that three new funds have been selected under the latest tranche of the IIF. He said $100 million of Government funding would be matched dollar for dollar by private sector investors in Carnegie Venture Capital, GBS Venture Partners and Innovation Capital Associates.
?This is a huge boost for Australian start ups. These funds will invest at least $200 million of new capital in start up businesses. The IIF continues to commercialise leading Australian research to produce new technologies, products and services that will be sold around the globe,? he explained. ?These new fund managers will provide crucial equity capital and essential management expertise to a whole range of promising companies across the economy. Venture capital helps turn ideas into successful businesses and new jobs. It is a vital part of our innovation system which is why the Government, as part of its Plan for Australian Jobs, has announced a new $350 million round of the IIF Programme,? he said.
Quote from AustraliaForum.com : ?After reading many expats comments who have migrated with skilled migrant visa but cant find a suitable job? I really felt so depressed and i thought that having my own business
might be the solution? I want to ask how much money needed to start a new business..for example opening a supermarket or a small store?thx for help?
?Successful start ups are essential to creating new products, jobs and economic growth. The IIF will continue to co-invest government capital with private investor capital into early-stage Australian technology based companies,? he added.
The IIF, which started in 1998, has now established 16 funds and has co-invested in new companies including Seek, Bionomics, Pharmaxis and Benthic Geotech. It is hoped that this new round of funding will have a positive long term impact upon the Australian economy and attract more small businesses to the region.
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