An Andrews Labor Government will establish a one stop shop to match ideas with entrepreneurs and get our most promising projects off the ground.

Speaking at the Australia-Israel Chamber of Commerce, Mr Andrews announced Start-Up Victoria: an independent statutory authority to develop business cases, deal with Government, provide intellectual property and patent advice, manage finances, attract investment and connect with universities.

The Premier’s Jobs and Investment Panel, announced in Victorian Labor’s Back To Work plan, will oversee the development of this project and source its funding – $60 million over four years.

Quotes attributable to Mr Andrews:

“Start-Up Victoria will take our best ideas from conception to completion, from mind to market. It will help nurture our most promising proposals into life.”

“It will have an independent board that brings our best together: business leaders, Vice Chancellors, entrepreneurs and experts.”

“If you visit the Technion and the Weizmann Institute in Israel, you know for sure that this is where the world is headed.”

Key Facts

• $60 million in funding over four years will be allocated for the project. It will be sourced from within the $500 million Premier’s Jobs and Investment Panel, a body of our economic leaders providing advice on strategic investment. Start-Up Victoria will be the first brief submitted to the Panel.

• Labor, earlier this month, also announced:
• The Future Industries Fund – a $200 million grant program to support job creating projects in six identified high growth areas, including pharmaceuticals, new energy, food and fibre, and international education.
• The Regional Jobs Fund – a $200 million investment fund to support job-creating projects in Regional Victoria; part of a broader package to be announced in the coming weeks.
• The Back To Work Act – a $100 million fund to provide payroll tax relief to companies hiring unemployed youth, the long-term unemployed and retrenched workers into full time work. It will support the creation of 100,000 full time jobs and will be introduced during the first sitting week of the new Parliament.


Published on October 22, 2014