Australian $1.1 billion program to invest, support and promote innovation in high tech and technology development announced; Israel and Silicon Valley to serve as “hotspots”
Australia’s newly announced $1.1 billion “Ideas Boom” program to assist and promote high tech and technology development and innovation will hold two innovation “hotspots”- one in Tel Aviv and one in Silicon Valley.
The “Ideas Boom” innovation program, which was announced by Australia’s Prime Minister Malcolm Turnbull earlier this week, is designed to invest and support Australian startups with the goal of strengthening and progressing Australia’s economy. The concept is to provide collaborative workspace and facilities in the government funded program in order to penetrate the international market as well as create opportunity for the Australian economy.
Prime Minister Turnbull stated on “Ideas Bloom”, “Our innovation agenda is going to help create the modern, dynamic 21st-century economy Australia needs. Unlike a mining boom, it is a boom that can continue forever, it is limited only by our imagination, and I know that Australians believe in themselves, I know that we are a creative and imaginative nation.”
According to Australia’s Investment and Trade Minister Andrew Robb “Landing Pads will be created in key global innovation hotspots including Silicon Valley and Tel Aviv to give Australian entrepreneurs and startups a short-term operational base. This is a valuable new resource for Australian companies and will help foster the innovation and entrepreneurialism we need to create new jobs and build the industries of the future…. A Landing Pad provides for a collaborative workspace and facilities including office space and meeting rooms for up to two months, as well as accelerated access to international business networks, entrepreneurial talent, business development and investment opportunities.”
Israel, known as the “Start-Up Nation” for its abundance and success in the high tech and startup sector, is leading in the development of new technologies and services, particular as a pioneer in entrepreneurship and business innovation.