In recent months, both the US and UK have revamped their visa regulations in order to lure and retain the world’s best entrepreneurial talent.
In the US, overseas students that arrive to study at American universities are allowed to stay in order to start-up the kinds of cutting edge businesses that help make Silicon Valley the centre of the tech universe.
In the UK, an Entrepreneur Visa has been rolled out to lure the world’s brightest and best business minds to its shores.
While neither of these developments will cause a stampede of Australian entrepreneurial talent to the Northern Hemisphere, it underlines the need to recognise entrepreneurs as the innovators and wealth creators they are, wherever they are from. We need to keep as many in Australia as possible.
Speak to any fast-growth start-up, particularly in the tech space, and there’s a good chance that they will lament the size of the Australian market.
Of course, there’s only so much that can be done about Australia’s population and very little indeed that can be done about its geographical isolation. However, a Start-up Australia program would make Australia a better platform for fast-growth start-ups and maybe curb the temptation to move the company lock, stock and barrel to San Francisco as soon as possible.
The mining industry can afford to spend $20 million on ads fighting the resources tax, while the likes of Gerry Harvey and Solomon Lew can dominate media headlines with their war on the GST-free threshold for overseas online purchases.
The sector that represents almost all of Australia’s two million businesses, however, isn’t quite as high profile. While various lobby groups perform diligently on behalf of SMEs, a champion is sorely needed.
Small business doesn’t even have a representative in the Federal Government’s cabinet following the last election and while NSW looks set to become the latest state with a small business commissioner, many feel that start-ups’ influence over government has waned rather than strengthened in recent times.
A Start-up Australia program with several high profile, vocal figureheads would do wonders for emerging companies.
Australia is a hotbed of innovation. The trouble is that there is often no one to invest in it, so good ideas wither on the vine.
Take AquaGen Technologies, which won the Best Start-up Product award at this year’s StartupSmart Awards. The nascent tech company is leading the way in harnessing ocean-powered energy.
However, the business has struggled to find investment. As founder Nick Boyd says: “It is difficult to find smart money investors who understand our business and are prepared to wait for a return.”
Can you imagine a market pioneering US entrepreneur uttering these words? Well timed investment into innovative ventures would be a game-changer for many Australian businesses.
As alluded to above, there is a cultural difference in the way that risk and innovation is viewed abroad compared with Australia.
The ‘can do’ attitude and positive response to failure in the US is frequently commented upon by Australian businesses that make the journey across the Pacific.
A Start-up Australia scheme will not only provide short-term gain for today’s start-ups, it will help create a more positive environment for the next generation of entrepreneurs.
