Labor will back our best and brightest overseas, encouraging Australian entrepreneurs find new markets, sources of finance and develop expertise internationally.
A Shorten Labor Government will boost commercialisation of Australia’s R&D and support Australian entrepreneurs in the United States by setting up more dedicated innovation and commercialisation global ‘landing pads’.
These landing pads will advance Australia’s digital economy and startup sector by:
- providing a home base for newly arrived Australian startups seeking to enter the US market;
- introducing Australian entrepreneurs to venture/risk capital firms;
- supporting links between American research institutions, companies and their Australian counterparts; and
- showcasing technologies developed by research agencies such as CSIRO and by Cooperative Research Centres to investors to develop a commercialisation pipeline.
This proposal has been recommended by StartupAus and is based on the Kiwi Landing Pad, a successful initiative supporting New Zealand entrepreneurs in Silicon Valley.
The Innovate Australia Landing Pad will complement and build on the previous Labor Government’s investment in the Advance Innovation Program. With support from corporate sponsors, Australian global talent network, Advance, has since transformed this initiative creating elevate61 which is “designed to enable high performing Australian businesses to fast track their growth into the United States and beyond”.
The Landing Pads will be supported by the Department of Industry, Innovation and Science’s international counsellors network, in collaboration with CSIRO, Austrade and other relevant Australian agencies and non-government organisations.
Innovate Australia will also oversee a similar initiative to support our entrepreneurs and startups to engage in Asian economies, particularly those with mature capital markets, such as Singapore.
Further information is available here.