5 February 2017 - Former industry minister Greg Hunt's $500 million national innovation fund has been sent back to the drawing board by Innovation Science Australia because it says there is no evidence of a funding gap for innovation broadly.

The board of Innovation Science Australia, set up by the Turnbull government to oversee its $1.1 billion innovation agenda, is trying to work out if there are still any funding gaps in venture capital in Australia after commercialisation funds worth nearly $2 billion have been raised or proposed in the past two years.

If gaps still exist that the government needs to step into because the market won't, the next question for Innovation Science Australia, headed by Bill Ferris, will be how the assistance should be structured, because throwing money at the problem hasn't worked in the past.

Read Australian Financial Review article