Dear AVCAL Colleague,

We've got quite a packed agenda. Conference registrations,
the Budget and much more to comment on.


AVCAL 2008 Conference - View the program (to date) now
Exclusive to members, the AVCAL 2008 Conference registrations open 26 May, so please mark your diary. You'll receive an email on the day to remind you that registrations have opened. Don't forget that the conference was sold out within a very short time last year. You must register each attendee separately. Please ensure that you have registered user profiles for all of your attendees. Contact Member Services if you need assistance. If you'd like to join view the benefits of membership here.




Federal Budget

We have not yet had time to fully analyse the detail of the Federal Budget which was handed down on the 13th May. However the big shock and disappointment for AVCAL was the axing of the Commercial Ready Program. This was worth appropriately $700m and the competitive grants that were given to predominantly early stage companies were a strong support mechanism for commercialisation. In the AVCAL submission to the review of the National Innovation System, we strongly endorsed the continuation of this program which supported both venture-backed companies and those relying on other investors or their own cashflows. A Labor government initiative of the 1980s (then known as GIRD grants and evolving through START and now Commercial Ready) these competitive grants have supported many now highly profitable Australian technologies that would not have been possible otherwise.


Given that the Innovation Review is underway it is particularly disappointing that the Government did not wait to see the recommendations of the Review Panel, led by Terry Cutler. AVCAL is mobilising its early stage members to make our views known.


One part of the budget that looks potentially positive for AVCAL members is the review of the tax regime for managed investment funds to bring them in line with overseas systems. In addition, changes to withholding tax for overseas investors may also reap benefits for Australian fund managers.


Review of the National Innovation System

Thanks to everyone who participated in AVCAL's submission to the Innovation Review. Over 600 submissions were received by the review panel. The Green Paper from the review panel will be available by the end of July, with a White Paper response from the Government expected by November. Review the submissions.


Upcoming Events

Our next NSW Networking luncheon on June 6 should not be missed. Given that AVCAL has flagged 2008 as our "Year of Innovation" our industry's role in support of early stage companies is an important one. AVCAL are also key advocates for early stage innovation and investment. Our usual MBO lunch, which would normally feature a later stage buyout transaction, is being replaced with an early stage investment case-study. The BTF story is a practical example from investment to exit. The presentation will be delivered from both the founder and the investor. This session received rave reviews as part of the recent Foundation Course. The places are already being snapped up so register now.


For our NSW lunch in August 19 we have secured Chris Bowen, MP, Assistant Treasurer, Minister for Competition Policy and Consumer Affairs. Registrations will open soon. Mark your diary on this one as it promises to be a highly sought after event.


Our membership renewal cycle is about to commence again for the new financial year. The AVCAL Council have endorsed an increase in membership fees to reflect the services that we are providing and in recognition that we need funding to continue expand and improve our support of the industry. A list of this 2008 revised schedule is here. We appreciate your continued support. You'll receive your renewals via email on1 July 2008. Remember, you must be a member to attend the conference.

All the best



Katherine Woodthorpe
Chief Executive





Market News


Audinate Pty Ltd Secures $4 Million in Series A Funding
Sydney, Wednesday 23 April

Audinate Pty Ltd, a company revolutionizing digital media networking technology, announced today that it has raised A$4 million in its second investment round, led by Innovation Capital with follow-on investment by Starfish Ventures and NICTA. More...

News

Superannuation and Future Fund Looking to Private Equity


According to the survey conducted by John Evans, associate professor at the University of New South Wales, Australian superannuation funds have increased their commitment to private equity investment from 4.5 percent (2005) to 6 percent (2008). More...

Sovereign funds dominating global M&A

A report by Global Insight, has stated that Sovereign Wealth Funds (SWFs) have grown at a rate of 24% annually for the past three years. If this rate continues, SWFs will exceed the economic output of the United States by 2015. More than 30 countries now have SWFs, with the Nigeria's fund growing at the fastest rate, followed by Oman and Kazakhstan. More...

AVCAL Events

26 May AVCAL 2008 Member registrations open

Register now for:

6 June NSW networking lunch
26 June QLD networking lunch
3 July SA networking lunch

Mark your diaries for these upcoming events:

6 August WA Networking breakfast
22 August Vic Networking lunch
19 August NSW lunch Chris Bowen, MP, Assistant Treasurer

Visit AVCAL's calendar of events for more.






Other events








AVCAL are supporters of the Australian Innovation Festival running through to 31 May 2008.





Tech Transfer Investing and IP Spinouts


May 27-28, 2008


The Amora Hotel ~ Sydney

http://www.keymedia.com.au/techtrans/





Beyond Carbon 2008


June 3 2008


Hyatt Regency Adelaide

www.auscleantech.com.au






NSW Financial Services Trade Mission to New York


June 9-13 2008


crista.bracamonte@business.nsw.gov.au





Clean Energy Australia


June 17-19 2008


Sydney Harbour Marriott


AVCAL members who register before 29 May 2008 and receive 10% discount


Register now

 



UQ Business School are giving entrepreneurs the chance to win $100,000 cash to help start the business venture. 
Find out more.

 

 



Top 100 Australian Web 2.0 Applications 2008: Launch event

Future Exploration Network | BRW | KPMG | Adobe