drona..pls call the govt.

I hope Drona has put his hand up for a piece of the Federal Govt's $83m fund to assist the biotech sector.
If not....why not!!



http://www.tcetoday.com/tcetoday/NewsDetail.aspx?nid=11578

Innovation aid down under

Government announces A$83m in venture funding

by Simon Grose

Investment to support early-stage start-up companies




THE Australian government plans to provide A$83m ($60m) to be shared amongst more than 20 venture capital fund managers licensed under existing funding programmes.



Kim Carr, minister for innovation, industry, science and research, has announced that a new Innovation Investment Follow-on Fund will disburse profits from five existing Innovation Investment Funds.



Carr said the move was aimed at supporting early-stage start-up companies starved of funds due to the global financial crisis. “The IIFF is one of a number of initiatives the government has announced to assist the flow of capital into Australian firms,” he said.“Making money available for reinvestment will boost confidence and help shake loose additional private sector capital.”



A spokeswoman for Carr said the new fund is expected to be in operation by mid-year.



Shadow minister Eric Abetz said the move did not make up for the axing of the Commercial Ready programme which offered direct grants to start-up companies. “In last year’s budget Carr stood by while A$700m was ripped out of the innovation community through the abolition of Commercial Ready,” Abetz said. “This has compounded the pressures the credit crunch has placed on Australia’s start-up sector, particularly the biotech sector.”



In June 2008, 51% of IIF scheme investee companies were in the ICT sector, 33% in biotech and 10% in engineering.



The BioMelbourne Network, a grouping of Victorian biotech companies, welcomed the announcement as a first step. “An A$83m carrot is an appealing incentive for the ailing biotech sector, particularly in Victoria, but biotechs will be competing for funds with ICT and clean tech companies who are traditionally more attractive prospects for a venture capital funding model,” said Michelle Gallaher, the group’s ceo.