EarlyBirds aspires to support the National Reconstruction Fund initiative through its global innovation platform - Kalkine Media

Highlights

• EarlyBirds' Explorer and Challenger programs are designed to promote innovation and overcome technical challenges
• The company has lauded the National Reconstruction Fund initiative, which is set to boost innovation in Australia via funding
• Businesses can use the EarlyBirds platform to monitor specific priority themes under the National Reconstruction Fund

In March 2023, the Australian Parliament passed the National Reconstruction Fund Corporation Bill, which sets up an independent board that would provide credit, equity investment and similar support to projects. The intention appears to be inspiring and enabling a new generation of entrepreneurs in Australia. EarlyBirds, the global open innovation ecosystem (Read more), aspires to support the new initiative that focuses largely on manufacturing technology upgrades.

The ecosystem can be used by innovators, early adopters of innovations like big organisations (public or private), and subject matter experts across diverse sectors of the economy. Let us know more.

The new Bill

It is pertinent to note that the commitment to invest more than half of the fund's total earmarked budget (AU$15 billion) has already been made. A big chunk of money would go into funding initiatives in renewables and low-emission technologies, and clean energy component manufacturing, while the fund has also pledged AU$1 billion for critical technologies that would include innovations in areas like artificial intelligence and quantum computing.

EarlyBirds, which captures and monitors innovation capabilities, asserts that the entire arrangement under the National Reconstruction Fund Corporation Bill is set to support many stakeholders.

Data source: EarlyBirds’ website; Image source: Pixabay.com

EarlyBirds’ role

While the National Reconstruction Fund is set to increase building capacities of businesses in mining science technology, raw material sectors like agriculture and other manufacturing processes, EarlyBirds with its innovation maps covering emerging technologies in production processes can be an architect in the desired implementation of the fund.

Kris Poria of EarlyBirds has commented that the initiative to diversify resources by funding promising technologies is set to make Australia's economy more resilient. Jeff Penrose, the co-founder of the company, has lauded the setting up of the National Reconstruction Fund and said that officials need insights on innovators and entrepreneurs that have designed meaningful innovations to ensure that fund allocation is smart.

EarlyBirds can be used by public and private businesses to monitor specific National Reconstruction Fund priority themes and plan their innovation needs, with the ecosystem providing a chance to collaborate. Businesses can meet relevant innovators and get support in timely resolution of technical and challenges.

The website has the ‘Early Adopter’ page for organisations, while the ‘Innovator’ page is built for start-ups or mature companies that wish to provide innovation solutions to early adopters.