New Chair for Innovation Australia to drive change

Australia’s first venture capitalist has been appointed Chair of Innovation Australia.

Minister for Industry, Innovation and Science Christopher Pyne congratulated Bill Ferris AC on his appointment to the independent body, which was established by the Government to enhance Australia’s innovation performance.

“Innovation is critical to economic development. Australia has strengths but also some challenges. That’s why the Government is developing an Innovation and Science Agenda to focus on this key driver of our economy,” Mr Pyne said.

“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.”

“He has extensive experience in the venture capital field and founded Australia’s first venture capital firm in the 1970s. Bill has been a key adviser as we develop the Innovation and Science Agenda, and will continue to be so as we work to implement it.”

Mr Pyne said the Government had 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 business 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.

“Boosting innovation and entrepreneurship will create jobs and stimulate growth, and will position Australian businesses to take advantage of new technologies and opportunities.” he said.

Mr 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”, Mr 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.”

Mr Ferris’ biography is below.

Bill Ferris, AC, brief biography

Mr Ferris has been the Executive Chairman of CHAMP Private Equity since its formation in 2000, and of its predecessor, Australian Mezzanine Investments Pty Ltd (AMIL), which he co-founded in 1987 with Joseph Skrzynski.

Mr Ferris is a 45-year veteran of private equity in Australasia, founding Australia’s first venture capital firm in 1970.

Mr Ferris’ current directorships include Chairman; CHAMP Private Equity group, Director of CHAMP Ventures Pty Ltd, and Member of the Harvard Business School Asia Pacific Advisory Council.

Former recent directorships include: Chairman; Garvan Institute of Medical Research and Chairman of the Health and Hospitals Fund Advisory Board. Other former directorships include: Chairman; Accolade Wines Australia and UK, Austar United Communications, Australian Trade Commission (Austrade), Macquarie University Asia Pacific Council, Bradken Resources Pty Ltd, and Director; Garvan Research Foundation, Austal Ltd and Australian Institute of Management (NSW) Ltd. Mr Ferris joined the expert panel for the Federal Government’s Strategic Review of Health and Medical Research in October 2011.

Mr Ferris was made an Officer of the Order of Australia in 1990 for services to the export industry and in 2008 was made a Companion of the Order of Australia for his philanthropic activities, as a leader in support of medical research and his role in the establishment of the private equity sector in Australia.

Awards honouring Bill’s contribution to the private equity sector include the most recent award: Leader of the Year, Asia-Pacific, in the Private Equity International Awards 2013 announced on 1 March, 2014. Past include: the first Asian Venture Capital Journal Lifetime Achievement Award (November 2008), the first AVCAL Lifetime Contribution Award (September 2008) and Entrepreneur Champion in the Ernst & Young Entrepreneur of the Year Award 2005.

Mr Ferris holds an Honours Degree in Economics from the University of Sydney and a Master of Business Administration from Harvard Business School where he graduated as a Baker Scholar in 1970.

Mr Ferris is the author of three books: Really Making a Difference published December 1993, Nothing Ventured, Nothing Gained published March 2000, and Inside Private Equity, published January 2013.