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Deep-tech incubator Cicada Innovations, a “leap of faith” by government and universities when it was established 25 years ago, estimates that it has contributed more than $8 billion to the Australian through the wave of ventures it has supported.
In a snapshot of the organisation’s success since it was founded in November 2000, Cicada says the estimate is based on $6.5 billion in capital raised, the level of high-skill job creation and the broader innovation spillovers driven by the ventures it has supported.
Based on the original $20 million public investment, comprising about $11 million from the federal government through the Building Better Cities program and about $9 million from the NSW Government in land contributions and refurbishment of the National Innovation Centre, Cicada says the return represents around $400 in economic activity for every public dollar initially invested.
Founded as part of the Australian Technology Park at Eveleigh in Sydney’s inner south, Cicada was established to help reverse the loss of Australian research and development activities to overseas markets.
Today, it delivers commercialisation programs across a range of sectors including health, agriculture, space and energy, in partnership with government and industry.
Cicada says it is further expanding its national reach to strengthen the connection and impact of the Australian deep-tech innovation ecosystem by delivering new services focused on scaling and international growth.
"Commercialising research was a new concept in Australia when this project was first started,” says Cicada Innovations chair Dr Katherine Woodthorpe.
“As Australia’s first true innovation incubator, Cicada was a leap of faith for many of our early supporters; particularly our university shareholders, The University of Sydney, UNSW, UTS and later ANU, but has resulted in one of the nation’s greatest success stories.
“Deep tech drives economic multipliers while generating meaningful social value and the urgent need to reinvest in the physical world."
Woodthorpe points out that building sovereign deep-tech capability and commercialising breakthrough science is critical for the Australian economy.
Over the past 25 years, Cicada Investments has supported more than 400 startups which have created thousands of jobs.
The incubator works at the forefront of innovation with ventures that seek to create life-changing technology and apply cutting-edge science such as advanced materials, synthetic biology and artificial intelligence to challenges such as the future of human health, food security and the climate crisis.
Since inception, Cicada has made its mark by winning global incubator awards, powering the Jumar Bioincubator and HealthTech Hub, creating the GrowLab Agri-Food Accelerator, and founding the National Space Industry Hub in partnership with the NSW Government.
The incubator also runs Cicada x Tech23, Australia’s flagship deep-tech event, and has nurtured some of the nation's most successful deep-tech ventures, including Morse Micro, SpeeDx, Regrow (formerly FluroSat), Propeller Aero, Elastagen, Clarity Pharmaceuticals, TetraTherix, SkyDrop (formerly Flirtey), Marathon Targets, Osara Health, Rux Energy and Syenta.
Newly appointed CEO Liza Noonan says that “at 25, Cicada is a national champion for deep-tech innovators”.
"Cicada is more than an incubator, it’s the heart of a national deep tech ecosystem,” she says.
“We’re the destination for mission-driven founders, their teams and the convener of a community of researchers, investors, industry and policymakers, all working towards a shared goal of generating economic and social value from Australian deep tech innovation.
“But while momentum for deep-tech investment and ecosystem support is accelerating, we must recognise that it runs on different timeframes and risk profiles, which is why long-term, consistent support is essential to turn scientific and technological breakthroughs into sovereign industries.”
Noonan was appointed CEO of Cicada Innovations last month to replace Sally-Ann Williams who stepped down from the role in June after six years.
"Looking to the next 25 years, we call on partners across Australia who share Cicada’s purpose to strengthen and expand support for Australian deep-tech businesses - from inception through to becoming scalable, value-generating enterprises,” says Noonan.
“Our goal is to build on Cicada’s first two-and-a-half decades of success to ensure the future resilience of our economy.
“There are several areas where Australian ingenuity can build and transform entire global industries.
“Cicada demonstrates how smart government vision and investment can deliver outsized returns - and underscores the importance of consistency in the relentless pursuit of Australia’s economic competitiveness.”
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