Here’s what you need to know in tech today.
1. The government has launched its innovation statement. From tax incentives for investors, through analysing and releasing government data and creating startup “landing pads” in five foreign cities, here are the major policies announced in the innovation statement.
2. Here are what 29 entrepreneurs have to say about the innovation statement. While mostly praising the policies as a step in the right direction, entrepreneurs still have plenty of worries and suggestions for how the government can improve the environment for Australian startups.
3. The CSIRO and four universities have created a $50 million investment fund. Uniseed saw a more than 12% annual return in the past decade as it invested in early stage university startups. The new fund $50 million includes backing from AustralianSuper, the CSIRO and the univerisites of Melbourne, Sydney, Queensland and NSW.
4. News Corp has taken a 25% stake in a tradie marketplace. As it continues to expand its digital businesses, New Corp has taken a 25% stake in hipages, a marketplace for tradespeople. hipages company has seen 45% year-on-year growth and now fosters $1.35 billion in transactions a year.
5. Fairfax is doubling down on “local social networks”. Fairfax has taken a 25% stake Australian local social networking platform Nabo. Last year it took a 22.5% stake in Neighbourly, a similar business from New Zealand. Fairfax thinks it can leverage its other digital businesses to build scale in the local community business.
Bonus: Australia ranks at the bottom of one important innovation measurement. Collaboration between Australian firms and research instittuions is abysmal, especially for large firms. Around 5% of Australian firms collaborate with research organisations, while more than 70% of large Finnish firms do.
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