Document ID: chunk:federal_register_of_legislation:F2009B00251:body:0:p4
Version: federal_register_of_legislation:F2009B00251
Segment Type: other
Provision Reference: 
Character Range: 9182–12389

intellectual property;

              (c) no management team exists or the management team is beginning to form;

              (d) its R&D activities predominantly involve the transition from research to a commercially focused technology capable of informed market appraisal; and

              (e) any other matters the Board thinks fit.

         "privately sourced capital" means amounts invested in or provided to a licensed fund that are not, in the opinion of the Board, government sourced capital.  For the purposes of the PSF program, capital provided by eligible institutions will be regarded as privately sourced capital.

         "PSF guidelines" means the guidelines developed by the Board under part 2 of this direction.

         "PSF program" means the program established by this direction and known as the Pre-seed Fund (PSF) Program.

         "public sector research agency" means an organisation:

         (a) that is at least 50% owned by the Commonwealth; and

              (b) the activities of which consist primarily of the carrying out of R&D activities.

         "qualifying researchers" means individuals who are:

         (a) employed by an eligible institution; or

             (b) engaged by or working in or with an eligible institution and normally resident in Australia.

         "R&D activities" means research and development activities as defined in section 4(1) of the Act.

         "result" means, in relation to R&D activities, a result that is capable of being exploited as contemplated by the Act.

         "sales revenue" means ongoing revenue from:

         (a) the sale, lease, hire or other disposal of a commercialised product; or

         (b) the sale or provision of a service.

         However, sales revenue does not include:

              (c) interest on working capital balances (provided it is not in the nature of investment income);

              (d) grant proceeds (both cash and in kind); or

              (e) revenue from research consultancy agreements, contract research, collaborative research and development arrangements and technology licence agreements.

         "writing" includes email.

         A reference in this direction to an act or other instrument is a reference to that act or other instrument as amended or replaced from time to time.

         A reference in this direction to "PSF guidelines, licensing agreement or other contractual documents" or similar words is a reference to any one or more or all of them.

         A reference in this direction to the singular includes the plural and vice versa.

Purpose

         4.                  The purpose of this direction is to set out policies and practices to be followed by the Board in developing and administering the PSF program.

         These policies and practices are designed to provide a basis for awarding licences and the ongoing oversight of licensed funds under the PSF program.

         For the purposes of this direction and in implementing the PSF program, the Board may enter into such documents as it thinks fit.

Board to have regard to certain policy objectives

         5.                  The policy