Welfare for startups
The romance of Silicon Valley is distracting us from the innovation that matters, I write in The Australian this morning.
Labor has plans for a new tier of welfare to assist a recently discovered pocket of need – businesses that struggle to persuade private investors to take their innovations seriously.
Bill Shorten claims that pumping a lazy half a billion into business start-ups will “capture the wave of digital change that is washing through the whole world.”
Labor calls it co-investment. Others might call its an expensive, one-way ticket to la-la land since it rests on the ridiculous premise that innovation can be unleashed by government decree.