Innovatia

“ QUOTES “If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution for a problem in your own life.” -Brian Chesky, Co-founder of Airbnb

VENTURE CAPITAL PACKING A PUNCH A key role of any innovation hub worth its salt is to attract high-growth companies seeking to commercialise technologies in growth sectors. For the Northern Territory, one of these growth sectors is advanced manufacturing. T he Darwin Innovation Hub provides high- growth companies support through access to direct venture capital investment, expert stage capital investment, modern manufacturing, skilled jobs and industry growth in Darwin.

AAI first caught the eye of the Darwin Innova- tion Hub when it took out first prize at our annual Croc Pitch event in 2021, impressing the judging panel with its aspirations to create a modern as- sembly and manufacturing facility for the Alba- tross in Darwin. Modern manufacturing is a goal for Australia. Why not have a go? Manufacturing companies such as AAI attract a supplier base around them, and companies who have not yet explored the NT as an aviation manufacturing base are now look- ing at the creative possibilities. We believe this project will also be able to lev- erage other grant programs consistent with Aus- tralia’s desire to relaunch modern manufacturing and high value jobs in Australia.

advice and highly valuable grant programs. Accelerating Commercialisation, for exam- ple, will match private sector investment dol- lar-for-dollar with a Commonwealth Govern- ment grant, up to $1 million per project. The Paspalis Innovation Investment Fund No. 2 has recently thrown its support behind Amphibi- an Aerospace Industries (AAI) with a $1.5 million early-stage investment. AAI will use this investment fund to co-invest in both the Northern Territory Local Jobs Fund and a kickstart program to refurbish and build a new version of the Albatross flying boat that can take off and touch down on land, snow, ice and water. The “new” G-111T Albatross will feature, on the proven airframe, new Pratt & Whitney PT6A-67F engines, which will substantially improve perfor- mance, fuel economy and reliability. AAI is relocating its refurbished aircraft from Melbourne to Darwin, establishing a new facility and office at Darwin International Airport. AAI is a good example of how early-stage tech- nology investment in an aviation manufactur- ing company can provide a technology proof of concept and unlock a pathway towards later

“You have to see failure as the beginning and the middle, but never entertain it as an end.” - Jessica Herrin, founder and CEO of Stella & Dot

“It’s useful to indulge people who don’t agree, and see their viewpoint or force yourself to explain things better.” - David Sack, founder of Yammer

I deas are like seeds – they need to be nurtured. A seed cannot survive and grow without the sunlight and water poured into it. Then, once it sprouts, it must be resilient to the challenges of the natural world – the threat of failures and setbacks ever present. A great entrepreneur chooses to focus not on these reasons why their idea may not succeed, but on the lessons that have grown out of past failures, and on the growth trajectory that lies ahead of them. In short, entrepreneurship is about growth, often in unexpected directions but always approaching a vision of success.

https://youtu.be/xYSKkR- P5UVM

INNOVATIA

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INNOVATIA

| Entrepreneurship

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