My last blog referred to the paucity of venture capital in Australia and a consequential inability to fund emerging growth companies in the SME and technology sectors. If you read the Australian newspaper report on the imminent Australian Venture Capital and Private Equity Association conference (AVCAL, 18th September 2012), it describes in more detail my blog of yesterday.
In particular, the withdrawal of public sector investment and the reluctance of superannuation fund trustees to authorise investments of this nature. The report stated that there had been NO investment from superannuation industry funds since 2008/9.
This forces entrepreneurs and companies offshore where the investment environment is more conducive, or to conduct an IPO, usually years ahead of when they should adopt this strategy.
The AVCAL Conference runs this week and there should be more reports from it. I expect that the inability of the remaining private equity and venture funds to raise new capital will feature significantly.
ABOUT DAVID MILLHOUSE:
An international entrepreneur based in Brisbane, with more than 30 years in venture capital and private equity internationally, David Millhouse is a specialist in venture financing and capitalisation. He is renowned for his management of high growth companies, many of which proceed to IPO and he has conducted business in the UK, Germany, Switzerland, USA, Canada, Singapore, Hong Kong, Australia and New Zealand. David is a scientist by original profession, with an MBA and LLM from Bond University in Australia.
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