Australian Government Pledges $83M to Save Tech Innovators

Big story out of Australia, reported in The Australian IT section — the Rudd government will inject up to $83 million into the local venture capital pipeline as a stop gap measure to try and prevent promising tech companies going under due to the global financial crisis. The Innovation Investment Follow On fund is aimed at supporting companies developing technology in areas such as ICT, biotech and clean energy at risk from VC capital drying up due to the economic crisis. Read it in full here.

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