Sue Boyce (Queensland, Liberal Party) Share this | Link to this | Hansard source

asked the Minister for Innovation, Industry, Science and Research, upon notice, on 22 June 2011:

In regard to venture capital funding and start-ups:

(1) How much public funding has been used to assist or subsidise the growth of early stage venture capital funds in Australia over the past five years.

(2) Of those start-up companies that venture capital funds were able to successfully grow and exit:

  (a) how many were there; and

  (b) how many are still headquartered in Australia.

(3) What was the proportion in which the exit was through sale to a foreign venture capitalist or private equity firm, or the start-up was required to relocate its headquarters offshore.

(4) What has been the immediate return on taxpayers' funds to Australia.

Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Link to this | Hansard source

The answer to the honourable senator's question is as follows:

(1) Between 1 July 2005 and 30 June 2010, $146.00 million has been provided by the Australian Government's early stage venture capital programs: the Innovation Investment Fund, Pre-Seed Fund, Innovation Investment Follow-on Fund and the Renewable Energy Equity Fund.

(2)(a) Since the start of the programs listed under Question 1 to 30 June 2010, 181 investee companies have been supported and there have been 41 exits of which 19 companies have returned greater than cost.

  (b) The location of companies which are no longer in these programs is not monitored.

(3) These metrics are not monitored.

(4) Since the start of the programs listed under Question 1 to 30 June 2010, a total of $141.75 million has been returned to the Australian Government.