Australian startups are crucial to building the jobs of the future. The Australian tech startup sector has the potential to contribute 540,000 new jobs in the next two decades.
Labor will boost Australia’s young aspiring entrepreneurial talent by providing income contingent loans to students to support their participation in university accelerators or similar incubators run by successful entrepreneurs.
Startup loans will be offered to 2,000 students and new graduates each year that want to establish a startup within a university-based (or similar) accelerator. The loan will cover the cost of the support provided to them by an accredited accelerator program and accredited non-award programs and initiatives, up to the maximum annual student contribution level under the HECS system.
Delivering new startup loans through the existing HECS system will offer final year students and new graduates the option of taking an additional business-focused year so they can develop their innovative startup ideas.
It aims to encourage systemic change at universities through supporting the development of university accelerators and incubators. Over time this may assist in supporting more partnerships with well established and leading facilities such as Tank Stream Labs, Blue Chilli, Fishburners, ATPi and equivalents around the country.
Over time, this program will drive a competitive market as education institutions seek and develop the best talent and draw in private sector mentors and investors. This will improve collaboration between universities and the investment and technology sectors and strengthen Australia’s entrepreneurial ecosystems.
Further information is available here.