Innovation Investment Fund Program Round Three Direction No. 1 of 2007 (Cth)

Commonwealth of Australia

Industry Research and Development Act 1986

Innovation Investment Fund Program Round Three Direction No. 1 of 2007

I, IAN ELGIN MACFARLANE, Minister for Industry, Tourism and Resources, acting under subsection 19(1) and 20(1) of the Industry Research and Development Act 1986, give the following direction to Innovation Australia (the Board).

Dated 3 October 2007

IAN MACFARLANE

Minister for Industry, Tourism and Resources

PART 1—PRELIMINARY

Name of directions

1. These directions are the Innovation Investment Fund Program Round Three, Direction No.1 of 2007.

Commencement

2. These directions commence on the day on which particulars of the directions are published in the Gazette and registered in the Federal Register of Legislative Instruments and apply to application processes held after 2006.

Object of these directions

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

(a) additional functions of the Board, namely the administration of the IIF program including the provision of competitive merit based assessments and ranking of eligible applications under the IIF program; and

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

Interpretation

4. In this direction:

"applicant" means an entity that makes an eligible application.

"Board" means the Innovation Australia Board and includes its successors.

"Board may" is permissive and not mandatory.

"Commonwealth program capital" means amounts invested in or provided to a licensed fund by the Commonwealth.

"Department" means the Department of Industry, Tourism and Resources.

"early stage companies" means companies at the seed, start-up and early expansion stages (as defined in the Innovation Investment Fund Round Three guidelines).