Request for Expressions of Interest now open!
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What is the purpose of the Finnovation fund?
The Finnovation fund aims to foster innovation and support the development of new financial technologies by providing necessary funding and resources to promising startups and established companies in the aquatic sector.
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What is the total amount of the Finnovation fund?
$54 million. Half of which comes from FRDC and its industry partners and half from the investment partner.
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What is the REOI Closing Time?
The closing time for the REOI submissions is 5pm (Canberra time), 6 December 2024.
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Where should EOIs be lodged?
EOIs should be lodged via email to finnovation@frdc.com.au by the closing time.
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Who is the Contact Officer for the REOI?
The Contact Officer for the REOI is Jamin Forbes, FRDC's Business Development Manager, who can be contacted at finnovation@frdc.com.au.
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What are the conditions for participation?
Participants must be domiciled in Australia or a country with a double tax agreement with Australia, hold the necessary licences and authorisations, have appropriate resources, and demonstrate a successful track record in fund management and related activities.
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What licences and authorisations are required to operate the fund?
Respondents must hold an Australian Financial Services Licence and any other necessary licences and authorisations required to operate the fund legally and efficiently.
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What must be included in the EOI submission?
The EOI submission must include a signed declaration, evidence of licences and authorisations, details of resources, and a demonstrable track record in relevant activities.
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What are the minimum content and format requirements for the EOI?
The EOI must be signed by an authorised representative, written in English, and include all supporting material as specified in the REOI document.
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What are the evaluation criteria for the EOIs?
Refer to part D of the EOI form.
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What happens after the REOI Closing Time?
After the REOI Closing Time, all submissions will be reviewed and evaluated. Shortlisted respondents will be contacted for further discussions and due diligence.
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Can I submit additional information or corrections after the REOI Closing Time?
Generally, no additional information or corrections can be submitted after the REOI Closing Time. However, the Contact Officer may allow exceptions in certain circumstances.
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Will there be any briefings?
Yes, a briefing will be conducted at 10.30am 15 November 2024 to provide further clarity on the REOI process and address any queries from potential respondents.
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How will the FRDC ensure the confidentiality of my EOI?
FRDC is complying with Commonwealth Procurement Rules to ensure the confidentiality of your EOI and protect any sensitive information provided.
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How will the FRDC handle conflicts of interest?
Respondents must disclose any potential conflicts of interest. FRDC will assess these disclosures and determine appropriate measures to mitigate any risks.
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What is the Shadow Economy Procurement Connected Policy?
The Shadow Economy Procurement Connected Policy is a framework aimed at preventing and addressing illegal activities. Respondents must comply with this policy as part of their participation in the REOI process.
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What is required for the Country of Tax Residency Disclosure?
Respondents must disclose their country of tax residency as part of their EOI submission. This information is required to ensure compliance with tax regulations.
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What is the Indigenous Procurement Policy?
The Indigenous Procurement Policy aims to increase the representation and participation of Indigenous businesses in procurement processes. Respondents must adhere to this policy as part of their EOI submission.
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What are the possible amendments to the REOI process?
FRDC may amend the REOI process at any time. Respondents will be notified of any changes through the Finnovation web page and via direct email.
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What are the next steps once an investment partner has been selected?
Once the investment partner is selected, the next steps include negotiating the term sheet and contractual arrangements, establishing the legal structure for the Fund, and finalising the governance and investment commitments. The goal is to launch the Fund after these steps are completed.
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How are sectors that don’t have an FRDC industry partnership agreement (IPA) able to benefit from the Fund?
The Fund will align to FRDC’s role to plan, invest in and manage research, development and extension (RD&E) for fishing and aquaculture and the wider community. The intention is to not exclude any fishing and aquaculture sectors. The FRDC and investment partner can invest without IPA contributions – the process for how this will work will be determined once the investment partner is known.
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What happens if IPAs don’t want to invest in an opportunity?
We envisage that IPAs which elect to invest in the Fund will do so on the same basis as a typical investor in an investment fund (ie. pro rata as capital is called by the Fund). FRDC is also open to considering co-investment rights to IPAs so they can also elect to invest additional capital in particular investment opportunities. However it is up to fund managers which submit a proposal to propose their own fund structure, including how IPAs are able to invest in the Fund. IPAs will not be able to veto potential investments.
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How will the FRDC manage high risk companies in the Finnovation portfolio?
FRDC will gain this capability by partnering with an experienced venture capital organisation to manage the investment portfolio (i.e. the investment partner).
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What steps did the FRDC take to determine the need for, and requirements of, the innovation Fund?
The FRDC conducted interviews with Australian and international organisations and individuals representing startups, venture capital organisations, impact investors and business support programs to understand what an aquatic focussed innovation fund could include. A cross Research and Development Corporation (RDC) innovation working group was also formed to share knowledge for what a successful fund could include. These and other processes informed the Finnovation Fund's development.
