Hat’s out for venture capital funding

Australia’s venture capital industry received $100 million from the federal government on Wednesday but AVCAL warns it needs a longer-term commitment to allay concerns.

Anthony MacdonaldColumnist

Updated Dec 8, 2011 – 2.40am, first published at Dec 7, 2011 – 11.32am

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Australia’s venture capital industry received a much-needed $100 million commitment from the federal government on Wednesday, but it has done little to allay concerns about the commercialisation of future Australian ideas and innovation.

The $100 million was the third and final tranche of the government’s Innovation Investment Fund (IIF), which is available to venture capital funds to invest in Australian ideas.

Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.