Venture capital founder to lead innovation

A businessman regarded as Australia's private equity and venture capital maestro is the new chairman of Innovation Australia.

Bill Ferris, who previously chaired Austrade and the Garvan Institute of Medical Research, has been appointed to the position for three years by the federal government.

"I have long been a champion of the need for greater government and private sector effort in the commercialisation of our research discoveries and inventions," he said on Tuesday.

Innovation Minister Christopher Pyne said Mr Ferris was the right person to lead the independent agency in developing a more innovative culture.

"He has extensive experience in the venture capital field and founded Australia's first venture capital firm in the 1970s," he said.