The grants were announced on Monday by the Acting Minister for Industry, Innovation and Science, Senator Michaelia Cash, who said the launch of Main Sequence Ventures was an important step to ensure Australia can further harness innovation to create new enterprises and the jobs of tomorrow.
“As part of the Turnbull Government’s National Innovation and Science Agenda, the CSIRO Innovation Fund is designed to ensure our world-class research can be turned into the jobs and economic growth of the future,” Cash said.
Main Sequence Ventures will support new spin-out and start-up companies, and SMEs engaged in the translation of research generated in the Australian publicly-funded research sector.
“Australia has never been short of great ideas, but the value is rarely captured domestically,” Dr Marshall said.
“Australia’s scientists are world leaders, but investing in science driven innovation is hard – it needs the horsepower of Australia’s national science agency behind it.”
Main Sequence Ventures’ first investments in Q-CTRL, Morse Micro, Intersective and Maxwell MRI, are expected to create more than 60 new jobs, and Intersective co-founder and chief executive Beau Leese, who was present at the launch, says this round of funding will help the company compete on a global stage.
"Main Sequence Ventures offers a funding vehicle designed for start-ups like Intersective who are trying to use leading edge technology to tackle big, complex problems. These companies are harder for standard venture capital funds to back, but if successful can solve fundamental problems and have built in competitive advantage on the world stage.”
Main Sequence Ventures is led by venture capitalist veteran Bill Bartee and a team of venture capitalists and entrepreneurs with extensive experience in science and technology.