In the vast Australian marine landscape, the potential for innovation in fishing and aquaculture remains largely untapped. Despite the abundance of resources and the pressing need for sustainable solutions, the sector has yet to fully embrace the opportunities presented by engaging with innovation investors and startup/scaleup founders. Recognising this gap, a groundbreaking Finnovation fund, led by the Fisheries Research and Development Corporation (FRDC), is set to revolutionise fishing and aquaculture.
Finnovation will be a partnership between FRDC and an innovation investor (to be determined) to accelerate the growth of Australia’s aquatic innovation ecosystem. By co-investing in early-stage small-to-medium enterprises (SMEs), Finnovation will drive the commercialisation of novel solutions to address the sector’s most pressing challenges while delivering environmental, social and economic benefits.
At the core of Finnovation’s approach is a commitment to foster innovation throughout the entire value chain. Investments will engage end-users from problem definition and ideation to the adoption of final outputs, ensuring solutions are technologically feasible and meet sector needs.
Flexibility and agility are key to Finnovation’s investment strategy, encouraging creative idea generation and adaptation to evolving market dynamics. The fund will prioritise investments that balance impactful outcomes and economic returns, ensuring alignment with public and private sector interests.
Central to Finnovation’s mandate is a focus on supporting solutions across a range of areas. From innovative fishing gear to regenerative aquaculture practices and advanced biosecurity measures, Finnovation will seek out ventures with the potential to transform the industry and address critical challenges such as climate change resilience and the transition to a circular economy.
In addition to financial support, Finnovation will offer expertise and guidance to portfolio companies, helping them navigate the complex landscape of fishing and aquaculture regulations and market dynamics. By fostering a culture of collaboration and knowledge sharing, Finnovation will drive positive change within the sector.
Crucially, Finnovation will leverage FRDC’s extensive capabilities and networks to identify emerging trends, challenges and priorities. By tapping into FRDC’s stakeholder and extension networks, Finnovation will ensure a strong investment pipeline.
Finnovation will have transformative impact by harnessing the power of innovation and collaboration. Finnovation will reshape Australia’s fishing and aquaculture sectors, driving sustainable growth and prosperity for generations to come.
Do you want to be our innovation partner?
Subscribe using the link above and we’ll be in touch when expressions of interest open.
