It was announced on Monday that Commonwealth Scientific and Industrial Research Organisation (CSIRO) will be establishing an innovation fund to create early stage technology opportunities from the public research sector.
This initiative aims to translate these scientific innovations into commercial prospects which Australian industry may take advantage of. It will also focus on providing these early stage technology opportunities at a pace which meets the demand of the market.
The establishment of this fund was prompted by the National Innovation and Science Agenda released by the Australian Government. The Government stated that it will provide $70 million over the course of 10 years towards the innovation fund, which is to be managed by CSIRO.
In addition to Government funding, CSIRO will seek private sector investment to generate a fund which is $200 million.
"This commitment will enable us to get some of our great science to market much more rapidly,” stated Dr. Larry Marshall, Chief Executive, CSIRO, “Having a fund focused and administered close to the sources of invention and research is ideal for generating the innovation Australia needs.”
Included in the National Innovation and Science funding an annual $5 million to expand CSIRO's accelerator programme. This works to incorporate other publically funded research organisations in Australia. The accelerator programme is paving the way for a broad range of research for commercial implementation.
Data61 Data Science funding
CSIRO has also received increased funding of $25m per year to dedicate towards its data science efforts through Data61.
We recently reported that Prime Minister Turnbull is restoring funding to tech research group.
Data61 will work to support the work of start-ups and other small businesses which support its mission, as NICTA did from the years 2002 through 2015. Through NICTA’s efforts, they were able to develop over 15 companies.
Data61 will have the ability to transform capabilities of small start-up companies through the use of data science and insights.
Each of these new opportunities are expected to increase digital skills and knowledge, convert publically financed research into profitable outcomes, and spur innovation in Australia.