Innovation Investment Fund Program Round Three, Direction No.1 of 2011 (Cth)

Commonwealth of Australia

Industry Research and Development Act 1986

Innovation Investment Fund Program Round Three Direction No. 1 of 2011

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 20 October 2011

KIM CARR

Minister for Innovation, Industry, Science and Research

PART 1—PRELIMINARY

Name of direction

1. This direction is the Innovation Investment Fund Program Round Three, Direction No.1 of 2011.

Commencement

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

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 Innovation, Industry, Science and Research.

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