ICT innovation gets funding boost

Minister for Innovation, Industry, Science and Research, Senator Kim Carr announces $64m funding boost

The Federal Government's ICT Incubators program will receive a funding boost as part of $64 million pledged by the Minister for Innovation, Industry, Science and Research, Senator Kim Carr.

In a statement, Carr said 11 fund managers would distribute the funds under the Innovation Investment Follow-on Fund (IIFF) program to 35 companies that are already receiving assistance to commercialise their projects.

“The companies that benefit from this fund employ more than 450 people in high-skill, high-wage jobs,” Carr said in a statement.

“An important objective of the program is to fund investee companies quickly. Already $15.58 million has been provided, ranging from $200,000 to $7 million to companies involved in the information and communications technology, manufacturing and bioscience sectors."

The full list of fund managers can be seen on the department's website and more information on the program is available on the ICT Incubators website.

The most recent announcement follows a string of funding releases in recent weeks. This week the University of Melbourne and NICTA had their ICT research and development war chests topped up with additional funding as part of efforts to foster closer collaboration between Australia and China.

NICTA also picked up $1.01 million in Federal Government funding for the development of an advanced video surveillance system for the Port of Brisbane.

Earlier in December, it was revealed ICT companies also dominated the latest round of Commercialising Emerging Technologies (COMET) grants. Of nine companies awarded $70,400 each (for a total of $633,600) five are directly related to ICT.

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