{"id":47700,"date":"2023-10-20T15:54:41","date_gmt":"2023-10-20T15:54:41","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/federal-budget-2013-350-million-pledged-for-fresh-innovation-investment-fund-startupsmart\/"},"modified":"2023-10-20T15:54:41","modified_gmt":"2023-10-20T15:54:41","slug":"federal-budget-2013-350-million-pledged-for-fresh-innovation-investment-fund-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/federal-budget-2013-350-million-pledged-for-fresh-innovation-investment-fund-startupsmart\/","title":{"rendered":"Federal budget 2013: $350 million pledged for fresh Innovation Investment Fund &#8211; StartupSmart"},"content":{"rendered":"<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"445\" height=\"352\" itemprop=\"image\" class=\"entry-thumb\" src=\"\/wp-content\/uploads\/2013\/05\/l_1-1-budget-445-1.jpg\" alt=\"\" title=\"l_1-1-budget-445-1\"><\/div>\n<p>Innovation funding has been largely spared from the government\u2019s $43 billion drive for fiscal cut-backs, with a new $350 million round for the Innovation Investment Fund and fresh cash to publicise Australian start-up success stories.<\/p>\n<p>&nbsp;<\/p>\n<p>The budget has allocated $378.6 million over 15 years for the Venture Australia program, which will focus on boosting innovation and entrepreneurial activity.<\/p>\n<p>&nbsp;<\/p>\n<p>The bulk of the money &#8211; $350 million \u2013 will make up a new Innovation Investment Fund, which will pump venture capital cash into high-growth enterprises.<\/p>\n<p>&nbsp;<\/p>\n<p>The program, which recently closed a round worth $200 million, requires matched dollar-for-dollar funding from the private sector. Should external investors be located, the size of the fund will grow to a juicy $700 million for promising start-ups.<\/p>\n<p>&nbsp;<\/p>\n<p>The budget also grants $3.2 million over 15 years for the \u201cpromotion and marketing\u201d of Australian start-up success stories. The aim of this PR drive is to stimulate innovation within existing Australian businesses.<\/p>\n<p>&nbsp;<\/p>\n<p>A further $25.4 million will be handed to the Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education to handle this investment.<\/p>\n<p>&nbsp;<\/p>\n<p>The government will also, as it has previously flagged, alter the venture capital tax concession programs to help spark activity among angel investor groups.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Innovation funding has been largely spared from the government\u2019s $43 billion drive for fiscal cut-backs, with a new $350 million<\/p>\n","protected":false},"author":1,"featured_media":58391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,9,17,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/47700"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=47700"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/47700\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/58391"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=47700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=47700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=47700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}