Abstract
The need to develop policies relating to the development of venture capital markets in Australia was reported regularly in the late 1970s and the early 1980s in science and technology policy literature. The Hawke Government's response to this area of market failure was to implement the MIC program. The history of this program indicates that although venture capital has been identified as an area of market failure, the program has been supported in accordance with the political climate prevailing at the time.
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