This week the Federal Government
announced a $1bn package to help support innovation in
Australia. Over 20 ideas designed to support entrepreneurship, ideas,
investments and startups have been released, and as a startup, Raiz welcomes
this with open arms. We wanted to let you know a little more about the package
and why it’s important for Australia.
Where did it all begin?
It seems to have started in
September; from Malcolm Turnbull’s very first speeches as Prime Minister he
talked about an Australia that needed to be “agile, innovative, and
creative”, an Australia that needed to recognise “disruption
as our friend”.
This was promising, but I think
we can all be forgiven if we didn’t believe every word coming out of a
politician’s mouth… so we waited to see whether any real actions would be
taken.
Why is it important?
It is important because until now
Australia has been lagging behind. For a country with so many bright and
talented individuals, we don’t have the culture of innovation to encourage them
into entrepreneurship. The best talent is frequently being lured away to places
like San Francisco, Singapore, and London. Australia needed a change so that we
could become a nation of innovators, and encourage Australians to start their
business journey here. The opening of Fintech Hub, Stone & Chalk, in Sydney
this August, was also a welcome sign of change. Stone & Chalk houses over
40 different startups.
What’s in the $1bn package?
We won’t go through all 20 ideas
in the package (we’d encourage you to do some of your own reading if you have
time), but here are some of our highlights:
* Women in Tech: It’s
a simple one, for too long we’ve been complaining about the lack of women in
the tech industry. This package puts a handy $13m towards encouraging and
supporting women to run with their ideas, and start a company.
* Tax incentives for
investors: Tax may be boring, but it’s important. A major problem in
Australian entrepreneurship is funding, and good people with great ideas not
being able to obtain funding. Tax incentives will encourage more investment in
startups – meaning that more startups will be able to take the next step, and
great ideas won’t need to be abandoned.
* Stop the boats
(leaving): You may not know this but we have been kicking smart people
out the country for a long time. With the new “entrepreneur visa”, PhD
graduates and other startup founders will be given the chance to stay and build
their company in Australia.
Summary:
This won’t turn Australia into
the new home for innovation on its own, but it is a great start. The commitment
to innovation not only has the backing of the government, but also of the
opposition Labor party.
Now what we need is you and all
other Australians to start running with your ideas and becoming a part of the
new creative, disruptive Australia.
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