Why Cicada Innovations is the $8 billion deep tech pioneer of Australian innovation

As ROI goes for investing in deep tech, Sydney deep tech innovator Cicada Innovations has delivered in spades over the past 25 years.

The organisation celebrated its 25th anniversary this week, estimating that its role in Australia’s economic growth tops $8 billion, including $6.5 billion in capital raised, high-skill jobs creation, and broader innovation innovation impact.

The whole idea came to fruition in the late 90s as part of the Australian Technology Park (ATP) in Eveleigh, the former railway workshops.

The NSW and federal governments tipped $20 million into the project, including the land value and refurbishing what became the National Innovation Centre (NIC), which translates as a 400x return – around $400 in economic activity generated for every public $1 initially invested.

In the process, Cicada slowed Australia’s brain drain and the loss of Australian R&D to overseas markets.

Cicada chair Dr Katherine Woodthorpe told a gathering at the Eveleigh site on Tuesday that it’s critical that Australia continues to build sovereign deep tech capability and commercialise science.

“Commercialising research was a new concept in Australia when this project was first started,” she said

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.”

Cicada now also runs the Jumar Bioincubator and HealthTech Hub, the GrowLab Agri‑Food Accelerator, and founded the National Space Industry Hub, as well as reviving the annual Tech 23 deep tech showcase, now known as Cicada x Tech23,

The site’s alumni include Morse Micro, SpeeDx, Regrow (formerly FluroSat), Propeller Aero, Elastagen, Clarity Pharmaceuticals, TetraTherix, SkyDrop (formerly Flirtey), Marathon Targets, Osara Health, Rux Energy, and Syenta.

New CEO Liza Noonan, just one week into her new role after departing the state government body Investment NSW, said Cicada is 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,” she said.

“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 they’re now turning their attention to building partnerships in deep tech to build on the first 25 years of success in creating resilience in the national economy.

“There are several areas where Australian ingenuity can build and transform entire global industries,” she said.

“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.”