and may recommend a limit on the maximum level of investment in a portfolio investee company.

Merit criteria

22 The merit criteria are:

A In respect of the Applicant

(a) demonstrated willingness to operate within the intent of the IIFF program and previous Commonwealth programs in which it has participated;

(b) demonstrated capacity, experience, skills and track record in early-stage equity investing and managing an investment portfolio; and

(c) relevantly qualified and skilled personnel to ensure the capacity to continue to operate and to be able to make and to manage the proposed follow-on investments in the nominated existing investee companies.

B In respect of the Follow-on Funding Proposal

(a) the quality and commercial prospects of the portfolio investee companies for which funding is sought;

(b) the financial status of each portfolio investee company;

(c) the amount of funding proposed by the applicant and over what period;

(d) how the funding sought will assist each portfolio investee company in achieving identified milestones and its business goals;

(e) the attempts made to raise the funding required;

(f) the amount of private/other funding the applicant has secured or is able to attract to the agreed portfolio investee companies;

(g) the anticipated business development timetable and exit strategy;

(h) the wider impact on the Australian economy, including employment, domestic and export sales, and the commercialisation of Australian research and development;

(i) where a companion fund is to be established, the applicant’s proposal for the distribution of earnings and proceeds from the realisation of the companion fund’s investments;

(j) the level and content of the applicant’s proposed recoverable expenses; and

(k) the overall funding proposal.

PART 4 BOARD TO PROVIDE ADVICE ON POLICIES AND OPERATION OF THE PROGRAM

23 The Board may advise the Minister, or the Minister may request advice from the Board, on non-financial administration matters relating to the IIFF program, including the extent to which the IIFF program is meeting its objectives.

24 The Board may collect and analyse data on the performance of the IIFF program and provide advice to the Minister on that performance, and must cooperate with any independent evaluation of the IIFF program.

25 Where the Board advises the Program Delegate on a matter in respect of which the Program Delegate is to advise the Minister, the Program Delegate must consider the Board’s advice and, in his advice to the Minister, disclose the advice received from the Board.