MEDIA RELEASE - 12th November 2025
Leading deep tech incubator Cicada Innovations has announced its 25th anniversary milestone, revealing that its conservative estimated total contribution to the Australian economy exceeds $8 billion, based on $6.5 billion in capital raised, high-skill job creation, and broader innovation spillovers driven by the ventures it has supported.
Based on the original $20 million public investment - comprising approximately $11 million from the Commonwealth Government through the Building Better Cities program and around $9 million from the NSW Government in land contributions and refurbishment of the National Innovation Centre (NIC) - this represents around $400 in economic activity generated for every public dollar initially invested.
Founded as part of the Australian Technology Park (ATP) in Eveleigh, Sydney, Cicada was established to help reverse the loss of Australia’s world class R&D capabilities to overseas markets. Today, it delivers commercialisation programs across sectors including health, agriculture, space and energy, in partnership with government and industry.
Building on this legacy, Cicada is now expanding its national reach to strengthen the connection and impact of the Australian deep tech innovation ecosystem, extending its proven model to support more deep tech ventures through additional services focused on scaling and international growth.
Dr Katherine Woodthorpe AO – Chair, Cicada Innovations, said it is critical that Australia continues to build sovereign deep tech capability and commercialise breakthrough science.
"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," Woodthorpe said.
Over the past quarter of a century, Cicada has evolved significantly, winning global incubator awards, powering the Jumar Bioincubator and HealthTech Hub, creating the GrowLab Agri‑Food Accelerator, and founding the National Space Industry Hub in partnership with the NSW Government.
It also runs Cicada x Tech23, Australia’s flagship deep tech event, and has nurtured some of the nation's most successful deep tech ventures, including Morse Micro, SpeeDx, Regrow (formerly FluroSat), Propeller Aero, Elastagen, Clarity Pharmaceuticals, TetraTherix, SkyDrop (formerly Flirtey), Marathon Targets, Osara Health, Rux Energy, and Syenta.
Liza Noonan – CEO, Cicada Innovations, said that, at 25, Cicada is a national champion for deep tech innovators.
"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,” Noonan said.
"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.”
For media enquiries contact laura@kickercomms.com
Cicada Innovations (www.cicadainnovations.com) is Australia's leading deep tech incubator. With a 25 year track record of developing ventures focused on the world’s most pressing problems and promising opportunities. Their network of incubators, training, and community are designed to meet the unique needs of deep tech startups. Cicada Innovations has been the home of groundbreaking science and bold engineering, transforming ideas into world-changing ventures, reshaping industries, and driving deep tech success stories in fibre optics, space, medtech, and climate innovation, delivering tangible impact for Australia and the world. They are committed to building Australia's deep tech economy.