CSL, ResMed and Cochlear come from the deep tech side of the technology world. Their foundations are built on scientific research and development, which is sorely needed given that only about 12 of the world’s 2500 leading R&D companies are Australian.
The success of these three companies goes against the grain because we have a history of not recognising the value of our own scientific breakthroughs.
Looking in the rear-view mirror
Australia was a world leader in the science of vaccines, but ended up outsourcing our COVID-19 mRNA manufacturing to the Americans and Europeans. We invented Wi-Fi and sold it to the Americans. We led the world in photovoltaics and handed it to the Chinese.
Unfortunately, our investment in future industries has been driven by looking in the rear-view mirror.
But there are strong indications that this is changing.
This year looks like being the best year for deep tech for a very long time, with increasing financial support from government and industry.
The first positive news is that Cicada Innovations, which has supported science and technology start-ups for 20 years, is taking over the running of the Tech23 deep tech conference founded by Rachel Slattery.
Deep dive into tech ecosystems
Sally-Ann Williams, chief executive of Cicada, says for the past 13 years Tech23 has championed more than 300 deep tech companies. The Tech23 conference was the prime event for venture capitalists, government science agencies, policymakers and media.
Williams is about to begin a national roadshow to find the next 23 start-ups that will appear at a conference in May. She wants to take a deep dive into all the local tech ecosystems in Australia – the incubators, accelerators and university tech departments.
“We will ask big questions about how we build the future – from sustainable cities to game-changing climate solutions and completely new paradigms of human health,” she says.
“We will be creating a space to connect and spark meaningful conversations about the ideas, technology, and innovators that can propel humanity into a better tomorrow.”
Williams says deep tech flies below the radar because it is not immediately obvious to the consumer that they are benefiting from a scientific breakthrough.
“We actually have had innovation happening across Australia for decades – it’s just been really hidden,” she says.
“If you think about a company like SpeeDx, one of our resident companies that won the Prime Minister’s Prize for Innovation in 2022, they do antimicrobial resistance and diagnostic test kits, and the patient won’t know about the diagnosis that they do.
“You won’t interact with that because somebody will draw your blood or send a specimen to a lab. So, you don’t know that this is a home-grown company that is supplying all the labs across Australia, and is building their product in the cleanrooms here in Redfern, Sydney.”
Cicada has a track record of nurturing companies built on leading scientific R&D and then helping them through to commercial success.
In 2022, Cicada residents and alumni collectively raised $310 million, including large raises by Morse Micro ($170 million) and Regrow ($54 million).
Positive developments
Last year, Cicada Innovations was chosen by CSL, WEHI and the University of Melbourne as the operator for its new Melbourne-based biotech incubator to drive translation of world-class medical research.
Also, Williams was appointed chairwoman of the federal government’s Pathway to Diversity in STEM review panel.
Other positive developments in the deep tech space include the NSW government’s new $7 million Quantum Computing Commercialisation Fund, which is part of state’s 20-year R&D Roadmap.
Williams says complex challenges require complex solutions that come from the intersection of technology and industry.
“If we wish to take a systematic approach to driving change, we need to start by asking the big questions around the problems we want to solve.
“We then need to gather the willing and the able around these problems in order to solve them.”
