A Shorten Labor Government will create a ‘Startup Year’ for final year or university graduates to kick-start Australia’s aspiring young entrepreneurs.

 

In a time of economic change and transition, the choice before Australia is clear: we must get smarter – or we will get poorer.

 

Only Labor’s has a positive plan for a smarter, more prosperous Australia.

 

Labor’s Startup Year will help build a culture of innovation and creativity in Australia by allowing students to test their ideas, gain business knowhow and connect with mentors and investors.

 

By expanding the existing income contingent loan system (HELP), Australian students will have the opportunity to undertake an additional business-focused year of university and develop their ideas into a startup business.

 

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.

 

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.

 

Delivering this within the existing HELP system would present a Startup Year as a continuation of study.

 

This new approach will grow Australia’s pool of young entrepreneurs, help drive innovation and grow the much needed links between universities and the startup community, encouraging universities to draw in private sector mentors and investors.

 

Income-contingent loans have the benefit of securing a concrete commitment from students who are serious about starting their own venture, while also enabling a large number of students to embrace this opportunity across Australia.

 

Only Labor has a positive plan to advance Australia beyond the mining boom by investing in our greatest resource, the creativity and capacity of our people.

 

THURSDAY, 24 SEPTEMBER 2015

 

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