Australia Wishes To Have More Number Of Business Entrepreneurs

27 Nov 2015

As per the new report from the Australian govt, this nation does require more innovative entrepreneurs, who do have a key role to play in transforming the nation’s economy,

The Minister for industry, innovation and science, Christopher Pyne stated that, “while Australia performed well regarding Entrepreneurial activity, only a very small number of startups go on to grow dramatically”.

“We do have one of the highest rates of entrepreneurship among the developed economies. But we also do require improvement regarding innovation-driven entrepreneurship. Innovative entrepreneurs do play an integral role in improving the productivity and also help in growing the economy, because they are agents of change, creating opportunities not only for themselves and but others”, said Pyne.

The report published at a time when Australian govt is also encouraging overseas investors to start businesses in the nation.

The Business innovation and investment subclass 188 visas are for investors and business owners who desire to establish business operations, in Australia, and it should be valid for four years.

Once holder, has maintained an investment in Australia for about four years or established an ownership interest in the Australian business, they can apply for permanent residence via the business innovation and investment (Residence) subclass 888 visa.

There is also a two-year extension, which is available for those who have held the subclass 188 visa for three years giving them nearing to six years, from the time of grant of the original visa.

According to 2015 report of Australian innovation system, it shows that between the year 2006 and the year 2011, the activity of startups, firms two years old or younger, added nearing 1.44 million full-time equivalent jobs to the Australian economy, whereas all other firms do shed more than 400,000.

It added that it is the new firms that drive change. Start up aged one year or less is more likely to introduce innovations that are new to their industry rather than just to the firm.

“The report’s findings reinforce what the govt has been stating for sometime about the importance of innovation. The govt does recognize that innovation, science and entrepreneurship are crucial in establishing the jobs of the future and securing the nation’s future economic prosperity” added Pyne.

We do look forward to announcing the innovation agenda in the month of December, which would outline the measures that would encourage more of our smart, creative entrepreneurs to innovate and turn their ideas into reality.

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