The Innovation Statement will help stem the tide of Australia’s entrepreneurs and start-up enterprises relocating overseas.
Heralded by Industry Minister Christopher Pyne and Innovation Australia fugleman Bill Ferris, the Innovation Statement is expected to be announced next month.
Deepening the pool of capital is a must if Australia is to create an entrepreneurial culture similar to Silicon Valley and Israel, but there is another underlying issue.
Bill Ferris, a veteran venture capitalist, believes that Australia has a ‘fear of failure’ in regards to tax-payer supported ventures.
"That was understandable when we were a small market removed from the rest of the world, but not with the opportunities we have today,” Mr Ferris told Fairfax Media.
Ferris urges Australia to champion in an entrepreneurial culture which will encourage Australians to return from overseas and create job opportunities.
"If we don't do better at commercialising our ideas we will squander our intellectual property and squander the opportunities for jobs."
Industry, Innovation and Science Minister Christopher Pyne echoed Ferris’ belief.
Australia is a ‘risk averse nation’ and the government wants to emulate the entrepreneurship culture of Israel which sometimes invests in businesses that don’t succeed.
“In our media culture there would be an instant story on the front page of your newspaper or someone else's saying which minister allowed this to happen? That person should be sacked, resign or run out of town.” Mr Pyne told Fairfax Media.
The message is clear from Pyne and Ferris, if Australia is to champion in an entrepreneurial culture then we must not be afraid to fail.