Innovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging




НазваниеInnovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging
страница9/11
Дата конвертации12.01.2013
Размер0.67 Mb.
ТипДокументы
1   2   3   4   5   6   7   8   9   10   11

OBJECTIVES

The PDF program was aimed at stimulating Australia's venture capital sector and increasing the pool of venture capital available to fund the growth of small and medium sized Australian companies.


PROGRAM PERFORMANCE

In view of the closure of the PDF program to new applications the Venture Capital Committee (VCC) has increased its compliance approach and has targeted inactive PDFs with the aim of revoking their registrations. Existing PDFs continue to operate and will do so until each has been revoked individually.


At 30 June 2010 there were 59 venture capital funds registered as PDFs. This represents a reduction of 10 during 2009-10 and an overall reduction of 39 since the closure of the program in 2007.


At 30 June 2010 PDFs reported holding investments in 63 companies costing
$79 million which they valued at $96.2 million.


During 2009-10 PDFs reported investments totalling $1.2 million in 10 Australian companies. They reported 22 full and partial divestments. PDF divestments realised a total of $7 million from investments costing $12.4 million for a loss of $5.4 million.

PDFs reported raising a total of $7.6 million in new capital during the year. Capital was raised primarily via private placements or the exercise of options.


PDFs reported a total of $184.9 million in paid-up capital as at 30 June 2010, with an additional $3.8 million available from investors.


Note: PDFs provide annual reports four months after the end of each financial year (i.e by 31 October). The information above has been derived from reports received at the time of preparing this publication (September 2010). For this reason the information should not be taken to be a full and complete picture of the program’s activity. Finalised figures will be made available on the AusIndustry website after 31 October 2010.


OUTCOMES

Since the program's introduction in July 1992, $978 million has been raised by PDFs and $823 million of this capital has been invested into 722 Australian businesses.


SUPPORT PROVIDED TO CUSTOMERS

Venture capital funds registered under the program are taxed at 15 per cent on their income from eligible investments. Shareholders in these funds receive their returns tax free and are not subject to tax on any capital gains they may receive from selling their PDF shares.


GOVERNANCE

The PDF program is administered by Innovation Australia through the VCC with the assistance of AusIndustry. PDFs are required to operate in accordance with the PDF Act and the relevant Tax Acts. It is the VCC’s role to monitor certain aspects of compliance and administer and take actions as required. The VCC deals with discretions under the PDF Act and the Australian Taxation Office provides the tax concession for partners registered under the program.


The role of the VCC is outlined in Section 3 – Corporate Governance.

RENEWABLE ENERGY EQUITY FUND


ESTABLISHMENT

The Renewable Energy Equity Fund (REEF) program is a specialist renewable energy venture capital fund established in 2000 and modelled on the Innovation Investment Fund program. In 2009 the Australian Government established the Australian Centre for Renewable Energy (ACRE) within the Department of Resources, Energy and Tourism. ACRE has policy responsibility for the REEF program.


The REEF program assists the development of companies that are commercialising R&D in renewable energy technologies. The REEF program will help capture the spill-over benefits from improved renewable energy technologies, including reduced greenhouse gas emissions and growth of the energy management and environment technology sectors.


The Australian Government has awarded a 10 year licence to the private sector fund manager, CVC REEF Limited, to invest REEF program capital into companies that are helping industry to achieve ecologically sustainable development outcomes.


The Australian Government has committed $17.7 million to the program on a 2:1 basis with private sector capital creating a total fund of $26.6 million.


OBJECTIVES

The objectives of the REEF program are to:


  • encourage the development of companies and other incorporated bodies which are commercialising R&D in renewable energy technologies, by addressing capital and management constraints

  • develop fund managers with investment experience in the renewable energy industry.


The REEF fund became fully drawn in December 2008, with no further capital available for investment.


Table 2.17 Australian Government expenditure for REEF investments in 2009-10

Fund manager

Investment

Expenditure ($m)

Number of investee companies

CVC REEF

0.0

0



PROGRAM PERFORMANCE

At 30 June 2010, 13 investee companies had been supported under the REEF program. The amount invested (including the reinvestment of funds) since inception of the program totalled $21.57 million, of which the Australian Government provided $14.38 million.


No investments were made and no returns were received in 2009-10. In total, to 30 June 2010 REEF has returned $8.05 million to the Australian Government. The returns have been used towards repayment of the Australian Government’s investment.


OUTCOMES

The REEF program has enabled venture capital investment in renewable energy technologies. It has aided the commercialisation of Australian technologies for renewable energies including, biofuels, geothermal, ocean waves, battery energy and wind power. The program’s successes include two investee companies currently listed on the Australian Stock Exchange.


SUPPORT PROVIDED TO CUSTOMERS

Companies eligible for investment by the REEF fund manager were required, among other things, to:


  • be commercialising renewable energy technology

  • have a majority of its employees (by number) and assets (by value) inside Australia at the time the licensed fund first invests in the company

  • have an annual revenue over the past two years of income that does not exceed $5 million per year.


Companies supported were also at the seed, start-up or early expansion stage of their development.


GOVERNANCE

Ministerial Directions issued by the Minister under the Industry Research and Development Act 1986 provide the policy and procedures for administering the REEF program.


Innovation Australia oversees the operation of the REEF fund manager through its Venture Capital Committee (VCC). The licensed fund manager reports six monthly on their operations, including the current valuation of investments.


The role of the VCC is outlined in Section 3 - Corporate Governance.

PRE-SEED FUND PROGRAM


ESTABLISHMENT

The Pre-Seed Fund (PSF) program was introduced in 2001 to help increase the commercialisation of promising research and development (R&D) opportunities at the Pre Seed stage within Australian universities, Cooperative Research Centres (CRCs) and Australian public sector research agencies. It seeks to further develop the management and entrepreneurial skills of public sector researchers and to encourage the private sector to take a more active role in funding and managing the commercialisation of research from universities and public sector research agencies.


The Australian Government has committed capital of $72.70 million to the PSF program which, when combined with capital from private sector investors, universities and public sector research agencies, amounts to $104.11 million in available commitments. These commitments cover investments and management fees.


The PSF program has established four venture capital funds to invest in companies or projects, and to provide management and technical advice to commercialise the technology being developed. Pre-Seed investments of up to $1 million are made in a company or project, with investment above this cap at the discretion of Innovation Australia. Ultimately, the funds will divest their interest in successful companies and projects to later stage investors and will distribute the proceeds to all investors including the Australian Government.


In view of the high risk of the investments made under the PSF program, on the realisation of investments the Australian Government will receive an amount equivalent to its committed capital and private investors (including the fund manager) will share all distributions (i.e. profit) in excess of this amount.


OBJECTIVES

The objectives of the PSF program are to:


  • assist the commercialisation of R&D activities undertaken by universities and public sector research agencies by providing finance and managerial advice

  • encourage private sector investment in R&D activities undertaken in universities and public sector research agencies for commercialisation

  • build linkages between universities, public sector research agencies, the finance community and business for the commercialisation of R&D activities

  • build entrepreneurial and intellectual property management skills in Australian universities and public sector research agencies

  • encourage researchers in universities and public sector research agencies to consider the commercial opportunities of their research discoveries.



Table 2.18 Australian Government budget and expenditure at 30 June 2010




2009-10

($m)

2010-11

($m)

2011-12

($m)

Budget

13.09

3.00

0.00

Commitments

7.63

3.00

0.00

Payments made a

5.46

0.00

0.00

a The ‘Payments made’ figure includes management fees and recoverable expenses of $2.14 million.


Table 2.19 Australian Government expenditure for PSF investments in 2009-10

Fund manager

Investment expenditure ($m)

Number of investee companies/projects

Allen & Buckeridge Asset Management Ltd

1.58

4

GBS Venture Partners Limited

1.30

7

Starfish Ventures Ltd

0.07

1

SciVentures Investments Pty Ltd

0.37

4

TOTAL

3.32a

16

a The investment expenditure figures for 2009-10 are based on information provided in fund manager call notices. All investments made in 2009-10 were follow-on investments.


SUPPORT PROVIDED TO CUSTOMERS

Support is provided by the funds as venture capital investment into companies or projects established to commercialise research.


To be eligible for investment, companies and projects must be commercialising Australian research and either:


  • be controlled (or, in the case of a project, supervised) by a university, a public sector research organisation or a qualifying researcher

  • use intellectual property that is at least 50 per cent owned by a university, a public sector research organisation or a qualifying researcher.


Investee companies must also be incorporated in, and operate substantially in Australia, and projects must be undertaken in Australia. Neither must have generated any sales revenue.


PROGRAM PERFORMANCE

From 2002, when the funds became operational, to 30 June 2010, the four PSF funds have invested $61.31 million into 71 investee companies and projects. The Australian Government’s contribution was $42.80 million.


In 2009-10, $4.79 million was drawn down for investment into 16 companies and projects, of which $3.32 million was drawn down from the Australian Government. The four PSFs are now focussing on growing investee businesses in preparation for making exits and achieving realisations. As a result, all 16 were follow-on investments.


In 2009-10, the Australian Government received returns from three investees within the program totalling $0.38 million, with $0.16 million returned to private investors. At 30 June 2010, the total returned to the Australian Government was $0.92 million.


OUTCOMES

Pre-Seed Fund managers have been instrumental in promoting venture capital as an approach to commercialising public sector research.


Since inception:


  • private capital of $31.41 million has been raised

  • 71 investments have been made

  • 2,530 investment proposals have been reviewed by the fund managers

  • 21 professional venture capital managers have been engaged in running the funds.


GOVERNANCE

Ministerial Directions issued by the Minister under the Industry Research and Development Act 1986 provide the policy and procedures for administering the PSF program.


The PSF is administered by the Venture Capital Committee (VCC) on behalf of Innovation Australia.


The role of the VCC is outlined in Section 3 - Corporate Governance.


To facilitate the Australian Government’s investment of capital into the venture capital funds licensed under the PSF, the Australian Government is using the previously established wholly-owned company, IIF Investments Pty Ltd.

(ACIS STAGE 2) MOTOR VEHICLE PRODUCER R&D SCHEME

1   2   3   4   5   6   7   8   9   10   11

Похожие:

Innovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging iconAssessing Policies, Programs and Other Initiatives to Promote Innovation in the Public Sector: International Case Studies

Innovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging iconInnovation and New Product Development in smes: An Investigation of the Scottish Food Industry

Innovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging iconLeveraging High Technology to Drive Innovation & Competitiveness

Innovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging iconPeople and Digital Cities: promote innovation and information use

Innovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging iconNew real time risk indicators to improve the efficiency, environmental impact and safety of air traffic management

Innovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging iconШевелева С. А. Ш37 Деловой английский. Ускоренный курс: Учебник
Автор благодарит Victor A. Hill, руководителя английской фирмы International Management Development, London и L. P. Todd, руководителя...

Innovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging iconDigital Technologies in Australia’s book Industry

Innovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging iconCompetitiveness k 1nc competitiveness discourse turns economic debates into nationalistic decisions over who deserves to live and who must die

Innovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging iconAN150082 Metal Industry (South Australia) Award

Innovation Australia aims to promote the development, and improve the efficiency and international competitiveness of Australian industry by encouraging iconDepartment of Innovation, Industry, Science and Research


Разместите кнопку на своём сайте:
lib.convdocs.org


База данных защищена авторским правом ©lib.convdocs.org 2012
обратиться к администрации
lib.convdocs.org
Главная страница