Australia's first venture capitalist is the new chair of Innovation Australia

Australia’s first venture capitalist, Bill Ferris AC, has been appointed chair of Innovation Australia.

Ferris founded Australia’s first venture capital firm in the 1970s and has been the executive chairman of CHAMP Private Equity since its formation in 2000. Ferris’ other current directorships include director of CHAMP Ventures and member of the Harvard Business School Asia Pacific Advisory Council.

“Mr Ferris is the right person to lead Innovation Australia in developing a more innovative culture. A former chair of Austrade and for 12 years the chair of the Garvan Institute of Medical Research, Bill is a highly respected veteran of venture capital and private equity in Australasia,” said Minister for Industry, Innovation and Science Christopher Pyne.

Ferris has been appointed to the position of chair for three years and will perform a key role in the Australian Government’s new focus on innovation.

“It is a rare and exciting moment for all involved in science and innovation in Australia; a time to lift national awareness of the importance innovation must play in our future prosperity and the actions necessary for that to be possible,” Ferris said. 

“I have long been a champion of the need for greater government and private sector effort in the commercialisation of our research discoveries and inventions.  

“Now with the Prime Minister’s and Minister Pyne’s expressed determination to make innovation core to the government’s economic policies, I relish the opportunity as chair of Innovation Australia to assist in identifying what changes are necessary for meaningful improvement in commercialisation and how to best get on with it right away.”

Pyne said the government has committed to making innovation a key element of its economic agenda and to creating an environment that provides clear pathways and incentives for Australia’s businesses to innovate. This includes investing in key enablers of innovation like science, research, education and infrastructure, as well as providing the right financial, regulatory and tax settings to enable businesses to experiment, test and market new ideas.