Melbourne Business School - Theses

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Management and investment companies: events leading up to the Espie Report and subsequent developments

Hanson, Davina M. ( 1986)

On 22 May, 1984 seven Management and Investment Companies (MICs) were each granted a licence by the MIC Licensing Board (MICLB). The Licensed MICs were: Austech Ventures Limited; Australian Pacific Technology Limited; B. T. Innovation Limited; Hambro-Grantham Limited; Techniche Limited; Western Pacific Management Company Pty Limited; Westintech Innovation Corporation Limited. On 1 November, 1984 another three Licences were granted, one each to: Continental Venture Capital Limited; C P Ventures Limited; Samic Limited. Thus the Australian MIC-based Venture Capital Industry was launched. The MIC Venture Capital realisation in the late Industry grew from an increasing 1970s and early 1980s, in both government and business circles, that Australia's high technology sector had underperformed and was not competing with international rivals. Such a sector was seen to be a key element in the prospective creation of wealth for Australia by virtue of the potential for high employment and export earnings. (From Introduction)