Carina Biotech pitching at ICC event SCOUT 2019.
Five local startup and early stage companies have received significant funding through the Government’s Research, Commercialisation and Startup Fund (RCSF), four of which have been supported by the Innovation & Collaboration Centre during their startup journey.
- Ping Services will receive $100,000 to complete a robust and optimized design of their wind turbine monitoring device and fund production for field trials. The startup was one of the first five companies to participate in the ICC’s Venture Catalyst Space program. Australia’s first incubator program dedicated to the space industry.
- The Village Foundation will receive $50,000 to complete their app to support mothers returning to work, complete development of a perinatal mental wellbeing program and conduct a pilot program with major corporations. The startup is a new addition to the 2020 Venture Catalyst program and an ICC resident.
- Former ICC residents Teamgage will receive $250,000 to further develop their innovative software platform for driving continuous improvement in organizational culture. The project will overcome regulatory and infrastructure barriers to enable expansion into several large international markets.
- Current ICC residents Carina Biotech will receive $750,000 to progress the scientific development of their CAR-T cell immunotherapy aimed at eventually delivering a new and highly effective treatment against various cancers.
- Finally, Fusetec will receive $500,000 to develop fully operable 3D printed medical training devices with synthetic human anatomy for training surgeons in complex techniques and for evaluating new medical technologies.
The objective of the RCSF Fund is to contribute to economic growth by supporting collaboration between enterprise, researchers and universities. The fund also contributes to the commercialisation of new products and services, building research and research infrastructure capability in South Australia through increased investment and encouraging the establishment and growth of startups.
There are three streams in the fund:
- Strategic Research Initiatives
- Supports research initiatives that will create innovative solutions or translate research into industry or commercial outcomes that address economy-wide challenges for South Australia
- Startup and Early Stage Company Incentive
- Provides entrepreneurs with funding to start and scale their innovative early-stage businesses. Entrepreneurs can apply via three pathways:
- Bootstrap Pathway – up to $200,000 matched equally by founders with in-kind contributions and cash.
- Incubator Pathway – up to $100,000 with at least 50% of the grant matched by an investor who brings value in addition to their financial investment.
- Scale Up Pathway – over $100,000 and up to $1 million with the full grant amount matched equally by investors.
- Entrepreneurship and Innovation Ecosystem Initiatives
- Supports programs, events and activities that have broad benefit to the startup community.
For more information, and to apply, visit innovationandskills.sa.gov.au/RCSF
Venture Catalyst startup, The Village Foundation will receive $50,000 funding from the RCSF.
Venture Catalyst Space startup, Ping services will receive $100,000 funding.
Former ICC residents, Teamgage will receive $250,000 funding.
