Question
(Venture capital funds)
Between the financial years 2014-15 and 2021-22 inclusive, can the Minister (a) list all venture capital funds that have received ACT Government funding, including the amount of funding per financial year and the timeframe of all funding agreements, (b) provide all reporting provided by venture capital funds to the ACT Government in relation to funding received, (c) provide dates and times of all meetings between the Treasurer, or the Treasurer’s office, and venture capital funds that have received ACT Government funding and (d) for all venture capital funds that have received ACT Government funding, advise the percentage of each firm’s Canberra-based investments.
Answer
(a) list all venture capital funds that have received ACT Government funding, including the amount of funding per financial year and the timeframe of all funding agreements
Significant Capital Ventures Pty Ltd received ACT Government funding for fund administration between 2014-15 and 2021-22:
| Venture Capital Fund | Funding Amount (Ex GST) | Term of Deed |
| Significant Capital Ventures Pty Limited | $150,000 2015-16 | 19 February 2016 - 30 June 2017 |
| Significant Capital Ventures Pty Limited | $150,000 2018-19 | 30 July 2018 - 30 July 2021 |
| $150,000 2019-20 | ||
| $300,000 2020-21 | ||
| Significant Capital Ventures Pty Limited | $100,000 2021-22 | 7 April 2022 - 30 June 2023 |
(b) provide all reporting provided by venture capital funds to the ACT Government in relation to funding received
The ACT Government received reports from Significant Capital Ventures between 2014-15 and
2021-22.
The ACT Government also received regular updates and reports from the following venture capital (VC) funds between 2014-15 and 2021-22, noting these VC funds received funding prior to 2014-15:
- Canberra Business Development Fund (CBDF); and
- ANU Seed Fund (managed by ANU Connect Ventures (ANUCV).
The reports are commercial‑in‑confidence.
(c) provide dates and times of all meetings between the Treasurer, or the Treasurer’s office, and venture capital funds that have received ACT Government funding
The Minister for Economic Development or his office attended the following meetings:
- 12pm, 24 May 2016 - Launch of SCV
- 4pm, 6 July 2018 - Meeting with ANUCV
- 3pm, 4 March 2020 - Meeting with SCV
- 6:30pm, 4 May 2022 – ANUCV Dinner
Ministerial diaries from 1 January 2018 are released by the ACT Government under the Freedom of Information Act 2016 and are available here:
www.act.gov.au/open-access/ministers-information/ministerial-diaries-disclosure
NB: Diary records were not required to be kept in this manner prior to 1 January 2018. Consequently, it is an unreasonable diversion of resources to comprehensively review the Minister’s diary prior to this date.
(d) for all venture capital funds that have received ACT Government funding, advise the percentage of each firm’s Canberra-based investments.
- Significant Capital Ventures: Based on the latest report, 32.6 per cent of capital was invested into three Canberra-based companies.
- CBDF and the ANU Seed Fund were both established to invest in intellectual property created in the Territory, therefore 100 per cent were Canberra-based investments.