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Commonwealth of Australia

Industry Research and Development Act 1986

Innovation Investment Follow-on Fund Program
Direction No. 1 of 2009

I, KIM JOHN CARR, Minister for Innovation, Industry, Science and Research, acting under sections 18A, 19 and 20(1) of the Industry Research and Development Act 1986, give the following direction to Innovation Australia (the Board)

Dated 22 05 09
   KIM CARR
Minister for Innovation, Industry, Science and Research

PART 1 - PRELIMINARY

Name of direction

     1                     This direction is the Innovation Investment Follow-on Fund Program, Direction No. 1 of 2009.

     Commencement

     2                     This direction commences on the day on which particulars of the direction are published in the Gazette and registered in the Federal Register of Legislative Instruments.

     Object of this direction

     3                     The object of this instrument is to give direction to the Board in relation to:

         (a)                an additional function of the Board, namely the administration of the IIFF program; and

         (b)               the policies and practices to be followed by the Board in the performance of the function.

Introduction

     4                     The Government has committed up to $83 million for follow-on investment by approved fund managers in investee companies which have previously been supported through the Commonwealth's IIF (Round 1 and 2), PSF, REEF and ICTI programs.  Fund managers will be invited to apply for funding for some or all of their investee companies that meet the eligibility criteria.  The process will be a competitive one in which fund managers will provide the Commonwealth with a proposal in which they identify and prioritise those of their existing investee companies for which they seek IIFF program funding, and provide the other information to be detailed in the Program Guidelines.  A committee of the Board, the IIFF Committee, will assess all applications and provide a merit assessment against the merit criteria and a recommendation to the Program Delegate.  The Program Delegate will select those fund managers to whom the IIFF program funding will be offered and the amount to be offered to each of them.  The offer may propose a cap on the amount of funding that may be invested in any one of the IIFF fund manager's portfolio investee companies.  Those fund managers who are selected by the Program Delegate and proceed to conclude a funding agreement with the Commonwealth will be responsible for the timing, amount and type of investments made with the funding they receive within the overall parameters set by the Program Guidelines, and for the day-to-day management and control of the investment portfolio.  It is expected that not all applicants will be successful, and those who are successful may not receive the full amount of funding for which they apply.

Interpretation

     5                     In this direction:

    "Board" means