Document ID: chunk:federal_register_of_legislation:F2006L03854:body:0:p2
Version: federal_register_of_legislation:F2006L03854
Segment Type: other
Provision Reference: 
Character Range: 2945–6025

invested in a licensed fund by:

           (a)    a person or persons funded directly or indirectly by the Commonwealth; or
           (b)   any person whom the Program Delegate considers is directly or indirectly in receipt of funding from a source or sources which is or are funded directly or indirectly by the Commonwealth to such an extent that, in the opinion of the Program Delegate, it is appropriate to treat any amount invested in or provided to the fund by that person as Government sourced capital,
         but excludes any amount of that funding that, the Program Delegate considers would be inappropriate to treat as Government sourced capital.
         "IIF program" means round three of the Commonwealth's Innovation Investment Fund Program.

         "include" "includes" and "including" do not limit the generality of the words which precede them or to which they refer.

         "innovation" means the process whereby ideas are transformed, through economic activity, into sustainable, value-creating outcomes. It can generate changes in output such as new products, processes and services.

         "Innovation Investment Fund Round Three guidelines" means the guidelines that are made by the Minister to the Department, as in force from time to time for the delivery of the IIF program.

         "key personnel" in relation to a fund manager, means those individuals determined by the Program Delegate to be key personnel because of their level of technical and managerial expertise, time commitment and their day to day involvement in the management of the relevant licensed fund.  This includes any additions or replacements to that team approved by the Program Delegate.

         "licence" means the licence to be granted to a successful applicant in accordance with the Innovation Investment Fund Round Three guidelines.

         "licensed fund" means a fund whose manager has been granted a licence in respect of the IIF program.

         "Minister" means the Minister for Industry, Tourism and Resources.

         "new manager" means an entity:

           (a)    which has not previously raised a venture capital investment fund in Australia; and

           (b)   whose management team for a fund in respect of which the entity has applied for a licence under the IIF program must include either or both:

              1. personnel experienced in managing venture capital funds;

               2. personnel who do not have significant experience in managing venture capital funds but who have other relevant and contemporary management experience, as determined by the Board.

         "private capital" means amounts invested in or provided to a licensed fund that are not Commonwealth program capital.

         "privately sourced capital" means amounts invested in or provided to a licensed fund that are not, in the opinion of the Program Delegate, Government sourced capital.

         "Program Delegate" means an employee of the Department who has been empowered by the Minister, or otherwise duly authorised, to carry