Minister Barr: Venture capital initiative to take smart CBR ideas to market
- Written by ACT Government
Released 24/05/2016
Joint media release - Andrew Barr and Chris Bourke
Canberra entrepreneurs whose firms have potential for high growth will be able to access funds to build their business under a new scheme I launched today.
Supported by an investment from the ACT Government, Significant Capital Ventures is an ‘Early Stage Venture Capital Limited Partnership’ - a new funding facility that will provide equity finance to eligible start-up firms in Canberra.
Canberra has great potential to play to its strengths as Australia’s knowledge capital to turn smart ideas into successful businesses, which diversify our economy and create new jobs. Recent figures from the Australian Bureau of Statistics show huge growth in our education, research and innovation sectors.
These critical sectors of our economy were represented at today’s launch. Significant Capital Ventures is a joint venture between the Australian National University and the Hindmarsh Group, and is also supported by the University of Canberra. The ACT Government contribution is $50,000 through the CBR Innovation Development Fund and a further $50,000 to support establishment costs and associated advisory support. The CBR Innovation Development Fund is an important part of the ACT Government’s approach to innovation by co-funding innovation capability and capacity building projects in partnership with key stakeholders.
Significant Capital Ventures will add to a number of other ACT Government supported initiatives including the CBR Innovation Network, the Entry29 co-working space, the GRIFFIN Accelerator, the KILN Incubator and the Innovation Connect grant program. Together these initiatives provide a comprehensive pathway of support for start-ups and entrepreneurs here in the ACT. This collaborative activity is creating an ever growing pipeline of investable companies through Canberra’s innovation eco‑system and Significant Capital Ventures will provide an important new source of early stage capital.
The Significant Capital Ventures team brings a wealth of expertise in delivering early stage capital to the market and have strong connections with the Canberra Business Development Fund, ANU Connect Ventures Seed Investment Fund and the Capital Angels.
- Statement ends -
Section: Andrew Barr, MLA | Media Releases
