Micro Finance Fund

In reply to Mr WINGARD (Mitchell) (3 August 2016). (Estimates Committee A)

The Hon. K.J. MAHER (Minister for Employment, Minister for Aboriginal Affairs and Reconciliation, Minister for Manufacturing and Innovation, Minister for Automotive Transformation, Minister for Science and Information Economy): I am advised:

1. Similar to the Micro Finance Fund, the South Australian Early Commercialisation Fund will also provide grants to eligible early-stage companies with a novel product, service or process looking to commercialise their intellectual property. Grants will be available to companies from proof of concept stage, through to product development and early commercialisation.

2. The South Australian Early Commercialisation Fund is scheduled to begin accepting applications towards the end of 2016.

3. The payment due for the final delivery of the Implementation Plan for a South Australian Commercialisation Fund Report is $93,200. The cost of the work Mr McCreadie undertook to produce the Implementation Plan for a South Australian Commercialisation Fund Report was $186,600 ex GST.

4. Mr McCreadie was selected on the exceptional strength and relevance of his management and finance expertise and credentials. His achievements include:

Founding, managing, advising and investing in a number of early-stage businesses in the profit and not-for-profit sectors

Constructing and managing institutional investment portfolios

Advising a number of the largest superannuation funds in Australia, including consulting to AustralianSuper and managing its venture capital and direct investment portfolio

Head of Research in venture capital/private equity, global bonds and hedge funds for JANA Investment Advisers

National and international investment banking experience at ABN AMRO, National Australia Bank and ING Barings

Extensive board experience as a non-executive director on early-stage private enterprises in the profit and not-for-profit sectors.

Having a non-South Australian expert, particularly one of Mr McCreadie's calibre, added to the depth and breadth of the qualitative and quantitative data collected for the report.

Mr McCreadie's work has received broad support within the South Australian innovation ecosystem.