The federal government has announced it is engaging with key stakeholders to deliver a new program that facilities young Australian entrepreneurs who wish to commercialise their ideas
To be called Startup Year, the program will provide up to 2,000 HECS-style loans annually to allow final-year undergraduate students and current post-graduate students to participate in a higher education-based incubator or accelerator program.
Ed Husic, the Minister for Industry and Science, said startups were leading the way in creating jobs, commercialisation and finding solution to the challenges right across the economy.
We want our next generation of businesses to grow from the ideas and energy of young Australians. And we want Startup Year to help make that happen,” Minister Husic said.
“By expanding access to vital capital and startup programs we will help diversify the talent and skills pipeline so that new ideas can come online from all corners of the Australian community.
It will strengthen links between our universities, industry and the startup community, leading to greater research translation and commercialisation.
“We want to get this program up and running next year.”
His colleague Jason Clare, the Minister for Education, added the program will encourage the development of startups to drive innovation.
“The higher education sector has wonderful incubators and startup support schemes, but are limited by the number of students they can take on board,” he said.
“We want consultation for Startup Year to learn from the best programs and appropriately expand them to reach new layers of students with great ideas.
By working in specialist higher education settings these new entrepreneurs can gain access to resources, facilities, mentoring and business networks.
“This will give them the best chance at success.”
Mr Clare said the government is calling on all stakeholders, including higher education providers, industry, entrepreneurs, investors and students, to share their views and advice on how this program should work.
“Consultation is key,” he said.
The proposal suggests the loans will be added to a student’s existing HECS/HELP debt, meaning the loan will be income-contingent and won’t attract interest, but will increase in line with the Consumer Price Index.
The consultation paper is now online, with responses required by 15 November.
