Cicada’s deep tech incubator generates AUD $8 billion impact
Australia's deep tech incubator Cicada Innovations has disclosed its estimated total contribution to the Australian economy now exceeds AUD $8 billion. The estimate is based on AUD $6.5 billion in capital raised, alongside job creation and broader innovation generated by the ventures supported through its programmes over the past 25 years.
Economic return
Initial public investment for Cicada amounted to around AUD $20 million, with contributions from both the Commonwealth Government and the New South Wales Government. According to Cicada, this investment has translated into approximately AUD $400 in economic activity for every public dollar invested, reflecting a substantial return for government-backed R&D commercialisation in the technology sector.
Venture support
Since inception, Cicada has played a role in nurturing a range of companies that have developed products across sectors such as health, agriculture, space and energy. Some of the ventures supported by Cicada include Morse Micro, SpeeDx, Regrow, Propeller Aero, Elastagen, Clarity Pharmaceuticals, TetraTherix, SkyDrop, Marathon Targets, Osara Health, Rux Energy, and Syenta.
Cicada was originally founded as part of the Australian Technology Park in Sydney's Eveleigh precinct, with the objective of curbing the loss of Australian R&D capacity to international markets. Its model involves commercialisation programmes in partnership with both government and industry bodies.
National expansion
Building on this experience, Cicada is expanding its national scope. The organisation aims to deepen connections within the Australian deep tech ecosystem by rolling out additional services that focus on scaling ventures and facilitating international growth.
Dr Katherine Woodthorpe AO, Chair at Cicada Innovations, said,
"Commercialising research was a new concept in Australia when this project was first started. 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."
Programmeme milestones
Over the last 25 years, Cicada has accrued sector and industry awards while establishing multiple initiatives. These ventures include the Jumar Bioincubator and HealthTech Hub, GrowLab Agri‐Food Accelerator, and the National Space Industry Hub in cooperation with the New South Wales Government. Cicada also organises Cicada x Tech23, billed as a flagship event for Australian deep tech.
Liza Noonan, Chief Executive Officer at Cicada Innovations, reflected on the organisation's broader role: "Cicada is more than an incubator, it's the heart of a national deep tech ecosystem. We're the destination for mission-driven founders, their teams, and the convener of a community of researchers, investors, industry and policy-makers, 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," said Noonan.
She added, "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. 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."