“The IPA has been advocating for many of the measures hinted in the recent announcements made by the Innovation Minister, the Hon Christopher Pyne, so we are keen to continue the dialogue and get the ball moving,” stated IPA CEO Andrew Conway.
Mr Conway also put forward recommendations regarding key areas of development in the field of innovation.
“We are particularly interested in the areas of crowdfunding, venture capital and the support for small business, including new start-ups,” Mr Conway stated.
“When it comes to venture capital, we have recommended the establishment of a pilot scheme to pool public funds with private sector VC firms exclusively for capital investment projects for small and medium-sized enterprises developing new R&D products or services,” he added.
Mr Conway also recommended that such a scheme should involve a maximum public exposure of $2 million on an equal basis with private sector firms.
“It is a positive sign that the Government is looking to innovation as a key economic driver; which has been a sound platform within the Australian Small Business White Paper and we look forward to more dialogue on this exciting development,” he said.