Horticulture Innovation Australia (HIA) has moved to establish four Pool 2 Foundation Funds as part of its new funding model.
The grower-owned body, which replaced its predecessor entity Horticulture Australia Limited (HAL) in November 2014, has made previsions to invest more than A$100m in research and development (R&D) and marketing programmes annually.
Central to the new organisation’s structure will be the implementation of a two-tier funding model, the first of which (Pool 1) will allow HIA to invest in industry based R&D and marketing projects on behalf of levy paying industries, with support from Commonwealth Government matching funds. Pool 2 funding will target long-term and larger strategic projects with co-investment from external sources.
The HIA board has determined that four Pool 2 Foundation Funds will be established immediately, so that “co-investment can be sought to undertake R&D within those funds,” according to a release issued by the organisation.
HIA chairman Selwyn Snell said the four Pool 2 Foundation Funds were chosen from research priorities derived from a consultation process that was undertaken prior to the formation of HIA. “This advice has been a particularly useful process, providing the board with the spectrum of potential Pool 2 investments,” Snell said.
The four funds will focus on leadership and people development, fruit fly management, the development of export markets in Asian markets and challenges associated with urban greening.
“Each of these funds will work with an expert panel to scope program and project briefs that have sufficient co-investment funding support, cross-industry relevance, and the potential to stimulate and sustain growth,” Snell said. “Clear and accurate briefs are being developed to provide clarity on what potential co-investments could sit in these Pool 2 Foundation Funds.”
The HIA board will determine an additional six or eight Pool 2 funds over the next 12 months.
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