Government launches start-up reviews
The Federal Government has officially launched two new reviews that will be aimed towards supporting ‘Australia’s burgeoning capabilities in cutting edge digital innovation’.
The reviews will see the Government undertake consultation on Australian crowd-sourced equity funding (CSEF), which will consider whether Australia’s corporations law properly regulates and facilitates CSEF. A review will also be conducted into employee share schemes (ESS) to help address the barriers faced by start-up companies in attracting and retaining staff.
“As the rollout of the NBN continues, the capacity for start-up companies, particularly in the tech and digital sectors, to create game-changing businesses and applications is unprecedented,” Minister for the Digital Economy Senator Stephen Conroy said.
“The Government can’t create the next Twitter, Instagram or 99 Designs, but we can provide the infrastructure and regulatory environment to help Australians who will.”
Minister for Innovation, Greg Combet, said Australia’s start-up sector has the potential to make a significant contribution to the Australian economy.