Cicada Innovations calls for systems approach to 'turbocharge' Future Made in Australia act, announces Tech23 cohort

SYDNEY, July 2, 2024 /PRNewswire/ -- Australia's flagship deep tech incubator Cicada Innovations is urging the tech ecosystem to lead in turbocharging the Future Made in Australia act by shifting from a "silos" to a "systems" approach that aligns national vision with implementation.

The call comes as Cicada announces the 23 ventures chosen to feature in this year's Cicada x Tech23 event, which will bring together hundreds of diverse investors, scientists, entrepreneurs, academics, heads of industry, and government representatives.

The vanguard festival of radical innovation and brave ideas in deep tech aims to drive conversations that will catalyse this "systems" approach to commercialising some of the world's most critical breakthroughs.

It will ask a series of globally-critical questions that unpack how we can build the future through systemic solutions to broad-reaching problems, and unlock new global opportunities in the process.

These solutions and opportunities will also help to achieve the goals of the Future Made in Australia act, which seeks to create a future-proofed, globally-competitive economy for Australia while addressing any major structural and strategic challenges.

According to Cicada, collaborating at a systems level - across industries, specialisations, and technologies - presents Australia's best and potentially only chance of successfully catalysing the lofty and critical goals of the Act.

Sally-Ann Williams, CEO of Cicada Innovations, said: "For too long Australia has taken a siloed approach to building the economy of the future, investing in industries and technologies individually, such as medtech and spacetech, or AI and quantum.

"Yet the world is a complex system of interconnected parts, and the deep tech innovations that will help us realise the ambitious goals of the Future Made in Australia act often straddle multiple industries and applications.

"To achieve these future-critical goals, we must urgently eschew a piecemeal or siloed approach towards individual policies, industries, or niches of technology and radically shift towards a systemic approach that tackles global problems from multiple angles simultaneously.

"For instance, Tech23 participant Agscent is using NASA technology to improve life on planet Earth through its non-invasive farm livestock diagnostic testing for pregnancy and disease. This will improve livestock and dairy operator productivity, decrease costs, reduce operator injury, and improve animal welfare - meaning it straddles spacetech, agtech, foodtech, and workplace safety simultaneously.

"Fellow Tech23 participant Nourish Ingredients is also working on building resilience into the food supply chain through its potent, animal-free fats that boost food performance and production with fewer or no animal ingredients - taking a completely different approach to the same problem.

"This is the beauty of Cicada xTech23. It is the only gathering in Australia right now where these diverse groups can congregate in addressing some of the world's biggest issues and opportunities at the critical systems level."

Elaine Stead, Principal at Main Sequence, said: "Unearthing scientific solutions and translating them into impactful companies requires more than a cheque. The ecosystem attached is critical to building successful new industries, particularly when talking about the long-term plays so common in deep tech.

"Like Main Sequence, Cicada Innovations is an original deep tech believer and under their custodianship, Tech23 continues to be the premier program for deep tech startups in Australia. The event connects and strengthens our community, and we're thrilled to support its role in discovering, nurturing and scaling the next generation of deep tech innovators."

Cicada x Tech23 is proudly sponsored by Investment NSW, Main Sequence Ventures, Australian Government Department of Industry, Science & Resources, CSIRO, University of Sydney, UTS, Monash University, South Eveleigh, KPMG High Growth Ventures, Addisons, CFO Plus, Radium Capital, TechVisa, City of Sydney, and PR and investment agency, Third Hemisphere.

To attend Cicada x Tech23, please express your interest here.

Cicada Innovations (www.cicadainnovations.com) was founded in Sydney, and has a 24-year track record of developing deep tech ventures that tackle some of the world's most pressing problems.

Cicada's national incubators, commercialisation training, and community brings together the entrepreneurs, scientists, business leaders, and policymakers to solve complex challenges with deep tech like the future of human health, food security and the climate crisis.

Cicada has seen an unprecedented $1.3 billion in exits from six deep tech ventures, and has helped over 400 companies raise more than $2.5 billion in funding. Named the 'Top Incubator in the World' by the International Business Innovation Association.