{"id":"F2008B00717","name":"Innovation Investment Fund Program Round Two (Additional Function of the IR&D Board) Direction No. 1 of 1999","slug":"innovation-investment-fund-program-round-two-additional-function-of-the-ir-d-board-direction-no-1-of","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":72044,"registerId":"commonwealth-F2008B00717-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Innovation Investment Fund Program Round Two (Additional Function of the IR&D Board) Direction No. 1 of 1999","content":"Commonwealth of Australia\n\nIndustry, Research and Development Act 1986\n\nInnovation Investment Fund program Round Two\n\n(Additional Function of the IR&D Board)\n\nDirection No. 1 of 1999\n\nI, NICHOLAS HUGH MINCHIN, Minister for Industry, Science and Resources of the Commonwealth of Australia acting under subsection 19(1) of the Industry Research and\n\nDevelopment Act 1986, give the following direction to the Industry Research and Development\n\nBoard.\n\nDated 26 November 1999.\n\nNICK MINCHIN\n\nMinister for Industry, Science and Resources\n\nName of Direction\n\n1. This Direction is the Innovation Investment Fund program Round Two (Additional Function of the IR&D Board) Direction No. 1 of 1999.\n\nCommencement\n\n2. This Direction commences on the day on which the Direction is published in the Gazette.\n\nDirection\n\n3\\. (1) An additional function of the Board is to administer Round Two of the Innovation Investment Fund program.\n\n(2) The function includes investment in, or provision of finance to, managed funds to invest in, or provide finance to, companies that are eligible investee companies as defined in the IIF program (Round Two), Policies and Practices Direction No. 1 of 1999, as amended from time to time.\n\n(3) The IIF program, Policies and Practices Direction No. 1 of 1997 do not apply to Round Two of the Innovation Investment Fund program.","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1909},"content_quality":"ok","complexity_score":2,"rejection_reason":"","scope_assessment":{"changed":false,"description":"The direction maintains its original narrow purpose of establishing Round Two of the IIF program as an additional function of the Board without expanding into unrelated policy areas."},"complexity_factors":["Very short instrument (only 3 operative sections)","Single operational change (adding one administrative function)","Reference to external policy document for substantive definitions ('eligible investee companies')","Minimal conditional logic (simple exclusion of prior 1997 Direction)","Nested investment structure (Board → managed funds → companies)"],"plain_english_summary":"This direction gives the Industry Research and Development Board a new job: running **Round Two of the Innovation Investment Fund (IIF)** program.\n\n**What it does:**\n*   **Expands the Board's role** to include managing the second round of a government venture capital scheme designed to help innovative Australian businesses get funding.\n*   **How it works:** The Board can invest government money into managed funds, which then invest in or lend money to eligible companies (startups and innovative firms) that meet criteria set out in a separate 1999 policy document.\n*   **Fresh start:** This round operates under new 1999 rules. The Board must ignore the old 1997 policies that governed Round One — they explicitly do not apply here.\n\n**Why it matters:** It allows the government to continue supporting Australia's venture capital market and innovative companies through a second funding round, with updated policies separate from the original program."}},"importantCases":[],"_links":{"self":"/api/acts/innovation-investment-fund-program-round-two-additional-function-of-the-ir-d-board-direction-no-1-of","history":"/api/acts/innovation-investment-fund-program-round-two-additional-function-of-the-ir-d-board-direction-no-1-of/history","analysis":"/api/acts/innovation-investment-fund-program-round-two-additional-function-of-the-ir-d-board-direction-no-1-of/analysis","conflicts":"/api/acts/innovation-investment-fund-program-round-two-additional-function-of-the-ir-d-board-direction-no-1-of/conflicts","importantCases":"/api/acts/innovation-investment-fund-program-round-two-additional-function-of-the-ir-d-board-direction-no-1-of/important-cases","documents":"/api/acts/innovation-investment-fund-program-round-two-additional-function-of-the-ir-d-board-direction-no-1-of/documents"}}