Cicada hosts EU trade delegation
A European Union (EU) trade delegation has been hosted by Australian super incubator Cicada Innovations.
EU Trade Commissioner Dr Cecilia Malmström and her delegation are interested in forming stronger ties with the incubator’s 75+ strong collection of start-ups and scale-ups.
Discussions centred on the possible formation of a free trade agreement (FTA) between the EU and Australia, to create greater regulatory cooperation, trade collaboration and investment flow across borders, and allow easier global alliances and expansion between international markets.
Cicada Innovations was the only private organisation in Australia to be selected for a visit by the commissioner and her delegation, which also spent a day in Canberra in talks with Prime Minister Malcolm Turnbull and Trade Minister Steven Ciobo.
It was selected because of its position as Australia’s largest cluster of deep-technology companies, as well as the close ties that many of its companies already have with Europe in the areas of R&D collaboration, investment and distribution.
“Cicada’s community of deep-tech start-ups and scale-ups already enjoy strong collaboration, trade and investment ties with the European Union,” said Petra Andrén, CEO of Cicada Innovations.
“A free trade agreement would not only ensure further regulatory cooperation, which is of critical importance to our life science, engineering and AI community, but also expand the two-way investment flow that is of critical importance to the growth of Australia’s deep-tech start-ups.”
Kate Carnell AO, Australian Small Business and Family Enterprise Ombudsman, also joined discussions.
Deep-technology companies are global by their very nature, because they typically involve technologies and IP with the potential for significant global impact and uptake.
Around 40% of capital raised in the last 12 months by Cicada companies has come from European investment sources, with the hardware, robotics and medtech industries in particular attracting European investment.
During her trip to Cicada Innovations, Dr Cecilia Malmström said that the types of business being incubated at Cicada were the ones that would benefit most from trade reform.
“We know that in Australia and also in the European Union, small and medium-sized businesses are the backbone of our economy,” she said.
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