Business Innovation and Investment Program: a win for Australian innovation

Science & Technology Australia welcomes the introduction of the Business Innovation and Investment Program announced by Immigration Minister Chris Bowen today.

“Australia has amongst the best conditions in the world for entrepreneurial activity, including world class research, creativity, and good business conditions. Yet we have a young venture capital industry and a need to boost our talent pool of individuals with experience and know-how in the business of commercialisation, said Anna-Maria Arabia, CEO of Science & Technology Australia.

“The Business Innovation and Investment Program and the visa arrangements within it are a common-sense and targeted solution to encourage individuals who are willing to make a significant contribution to Australian innovation to direct their expertise and investments to Australian shores.

“The Program aims to select innovative entrepreneurs with a track record in investment and business know-how and direct them to Australia’s world-class research and innovation pipeline.

“Programs such as this can boost Australia’s relatively young venture capital industry and direct funding to early phase start-ups where it is needed most and lead to success stories like ResMed, Cochlear, and WiFi technology.

“Improved investment in Australian science and innovation lays the foundations of the future health and wealth of all Australians”, Ms Arabia concluded.

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Media contact: Anna-Maria Arabia 0412 940 921

Released: 25 May 2012