December 02, 2020 2 min read
Australia must increase incentives for venture capital as well as research and development to boost the economy and employment.
Stoic Venture Capital Partner Dr Geoff Waring said more needed to be done to attract investment in venture capital and research and development.
Dr Waring pointed to recommendations outlined in the Senate Select Committee on Financial Technology and Regulatory Technology’s recent Issues Paper which highlight the critical role research and development, foreign investment and talent play in growing our economy.
“This insightful paper stresses the importance of attracting investment and channelling it towards long-term drivers of our economy including venture capital and research and development,” Dr Waring said.
“Programs such as the Business Innovation and Investment Program and the Global Talent Visa program provide millions of funding that is allocated to venture capital.
“We are in a competitive global market for entrepreneurial talent and capital. Australia must highlight its advantages over competing countries. Accessing global talent and capital will help Australian start-ups to grow into next generation business and employment powerhouses.”
“This creates a virtuous circle, where success attracts more talent and capital.”
Dr Waring said the most successful national technology programs combine public research with private industry.
Stoic Venture Capital brings private capital to public research. Stoic is the Co-Investment Fund of Uniseed, a commercialisation fund which focuses on financing early-stage companies that emerge from Uniseed’s member universities.
“We must provide more incentives to attract and retain founders as well as growing technology companies in Australia,” Dr Waring said.
“We encourage the Australian Government to increase the amount required to be allocated to venture capital under the BIIP. Venture capital has higher public returns than other asset classes and is a differentiator compared to other countries’ visa programs without this option.
“This will help Australia develop the economic benefits of next generation innovations from universities, which include high paying jobs and new industries that spring from novel intellectual property.”
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