{"id":37577,"date":"2023-10-20T14:50:58","date_gmt":"2023-10-20T14:50:58","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/five-things-to-expect-in-the-game-changing-innovation-statement-startupsmart\/"},"modified":"2023-10-20T14:50:58","modified_gmt":"2023-10-20T14:50:58","slug":"five-things-to-expect-in-the-game-changing-innovation-statement-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/five-things-to-expect-in-the-game-changing-innovation-statement-startupsmart\/","title":{"rendered":"Five things to expect in the \u201cgame-changing\u201d innovation statement – StartupSmart"},"content":{"rendered":"
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The government\u2019s much anticipated innovation statement will be \u201cgame-changing\u201d, assistant minister for innovation Wyatt Roy says.<\/p>\n

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Expected by the end of the year, the statement will be the flagship set of policies of the Turnbull government\u2019s increased focus on innovation and the startup sector.<\/p>\n

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Speaking to StartupSmart, <\/i>Roy says various consultations with the startup community, including the Policy Hack<\/a> and recent trade mission to Israel<\/a>, contributed an \u201cenormous amount\u201d to the final product.<\/p>\n

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\u201cPeople will see that when the policy is released,\u201d Roy says.<\/p>\n

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\u201cSince the changes in leadership – when it comes to innovation the doors of the government have been slammed wide open.\u201d<\/p>\n

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While the statement will draw from other successful innovation policies from around the world, he says it\u2019s all about developing a uniquely Australian ecosystem.<\/p>\n

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\u201cAs we develop an innovation ecosystem in this country, we need to play to our inherent strengths and develop something uniquely Australia,\u201d Roy says.<\/p>\n

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\u201cThe policies will focus on how we can embrace the best elements of our culture – our aspiration, our entrepreneurial mindset and our deeply anti-authoritarian mindset.\u201d<\/p>\n

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While maintaining there needs to be an element of \u201cmystery\u201d in the lead-up to the announcement, Roy says there are five key broad areas the statement will look to address.<\/p>\n

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\u201cUnlocking capital\u201d<\/b><\/p>\n


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The difficulties in obtaining capital locally, both to bridge the \u2018Valley of Death\u2019 and for large later stage rounds, is widely discussed and debated.<\/p>\n

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Roy says the statement will include many policies aimed at \u201cunlocking\u201d more funds for Australian startups.<\/p>\n

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\u201cWe\u2019ve had a serious look at the tax arrangements to unlock more investment in innovation,\u201d he says.<\/p>\n

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This is an issue that many teams at the government\u2019s Policy Hack looked to tackle, and some possible solutions were included in the StartupAUS policy document that was handed over to Canberra.<\/p>\n

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One popular policy was to extend the R&D tax incentive to include investments in startups, while another suggested income and capital gains tax incentives for these early-stage investments.<\/p>\n

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A third also put plans forward for a $100 million government-led co-investment fund for female-led startups to help these ventures secure more funding.<\/p>\n

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Access to Asia<\/b><\/p>\n

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The innovation statement won\u2019t just focus on helping startups grow across Australia, but in expanding around the world, and especially in Asia.<\/p>\n

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\u201cAs we come to define innovation in decades to come in our country, so much of what we\u2019re seeking to achieve is about how we can grow, scale and disrupt on a very, very large scale,\u201d Roy says.<\/p>\n

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\u201cWe need a realisation that we are not a marketplace of 23 million Australians, we\u2019re a marketplace that has access to the globe – to a billion people coming into the middle class in Asia.<\/p>\n

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\u201cNo other country on earth has that access into that marketplace. There\u2019s potential to radically grow our companies and that will be a huge advantage when it comes to driving innovation.\u201d<\/p>\n

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One recommendation from the Policy Hack document was for the establishment of landing pads in hubs around the world to help Australian startups more easily expand overseas.<\/p>\n

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Greater collaboration<\/b><\/p>\n


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The policies will also look to address the difficulties many startups face in trying to commercialise technologies.<\/p>\n

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This will require \u201csignificantly sharper policies\u201d, Roy says.<\/p>\n

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\u201cWe need to see greater collaboration between government, higher education and science to commercialise these great ideas.\u201d<\/p>\n

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This was also a central theme at the Policy Hack, with one team pitching for an increase in research and development funding for universities that would be tied in directly with engagement with the startup industry.<\/p>\n

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Growing the talent pool<\/b><\/p>\n


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Although boasting \u201cthe best talents in the world\u201d, Roy says Australia needs to expand this pool of entrepreneurs and the set of policies will look to facilitate this.<\/p>\n

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\u201cThere\u2019ll also be policies that focus on growing our talent pool,\u201d he says.<\/p>\n

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\u201cWe\u2019re coming off a good base but we need to significantly grow it when it comes to digital technology and entrepreneurial skill sets.\u201d<\/p>\n

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There\u2019ll also be a focus on attracting big players from around the world to Australian shores.<\/p>\n

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\u201cWe have a lifestyle that is the envy of the rest of the world, and that acts as a magnet to attract the best and brightest from across the world,\u201d Roy says.<\/p>\n

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\u201cAbout 20,000 Australians are in Silicon Valley today and our education is on par with our competitors.\u201d<\/p>\n

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Government acting as an exemplar<\/b><\/p>\n


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With politicians urging Australians to embrace innovation and disruption, Roy says it\u2019s only fair that the government does the same.<\/p>\n

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\u201cWe want to see the government act as an exemplar,\u201d he says.<\/p>\n

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\u201cIt can\u2019t be fair for us to say we want Australians to be innovators, to take on risk and try things differently, but not the government.<\/p>\n

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\u201cThere\u2019ll be significant policies that enable the government to act as an exemplar of innovation and hopefully, as the largest business in the economy, make it as easy as possible for startups to do business.\u201d<\/p>\n

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Roy says the innovation statement will be the culmination of months of consultations with the startup community and discussions within the government.<\/p>\n

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\u201cIt\u2019s been a lot of hard work,\u201d he says.<\/p>\n

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Do you know more on this story or have a tip of your own? Raising capital or launching a startup? Let us know. Follow StartupSmart on <\/i>Facebook<\/i><\/a>, <\/i>Twitter<\/i><\/a>, and <\/i>LinkedIn<\/i><\/a>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

The government\u2019s much anticipated innovation statement will be \u201cgame-changing\u201d, assistant minister for innovation Wyatt Roy says. \u00a0 Expected by the<\/p>\n","protected":false},"author":2,"featured_media":61897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/37577"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=37577"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/37577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/61897"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=37577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=37577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=37577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}