Terri Butler MP said Labor’s new Startup Year will give budding young entrepreneurs from the South Side the kick start they need to build the businesses of the future.
A Shorten Labor Government will create a Startup Year for final year or university graduates where they will develop their ideas, gain business knowhow and connect with mentor and investors.
“Labor wants to encourage more young Australians to back themselves and their ideas,” Terri Butler said.
“As a co-convener of a bipartisan group on innovation and enterprise, I’ve made it my business to talk to entrepeneurs, venture capital funders, and innovation sector leaders about the need to build a culture of entrepreneurialism.
“StartupAus, the organisations for high-growth startups in Australia, has emphasised the need to get younger people into entrepreneurialism,” Terri Butler said.
“They make the point that people tend to have a greater risk tolerance before they have mortgages and kids.
“Labor’s policy of extending the university fees system “HELP” to an additional Startup Year will help build an entrepreneurial culture and will help in addressing the need to get younger people involved.
“Income-contingent loans have the benefit of securing a concrete commitment – in other words, “skin in the game” – from students who are serious about starting their own venture.
“The majority of jobs over the next decade will be in companies that don’t even exist today.
“The next Wotif, Atlassian or Canva might come from a young entrepreneur living on the South Side.
“We need to create the right conditions for a vibrant startup ecosystem.
Labor’s Startup Year will be available to 2,000 students each year who want to establish a startup within a university (or similar) accelerator or incubator, which will help the founder(s) through mentoring, business skills and capital.
This $5 million initiative builds on Labor’s positive policy for universities and our commitment to Science, Technology, Engineering and Mathematics (STEM) study announced in the 2015 Budget Reply.
For more information visit www.futuresmartaustralia.org