Greetings from the launch of Innovation ACT at "spacedock" (aka John Curtin School of Medical Research) the Australian National University in Canberra. This is a program to teach innovation to students at the ANU and University of Canberra. The guest speaker this week is Nick McNaughton from venture capital company Blue Cove Ventures. Nick gave a hard headed overview of the process of approaching angels, high net worth individuals and venture capital companies to get funds for a new innovation. He explained that very few of what look like good ideas become viable products.
Nick used WindLab Systems as an example. This was spun out of CSIRO and initially set up at Epicorp in Canberra. The company initially provided consultancy services and wind maps for companies looking to set up wind farms. Th company then changed direction and instead identified and invested in locations for wind farms itself.
There will be a free innovation camp held 15 May 2010 for participants in Innovation ACT.