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.


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