Technology Startups hit by Budget Cuts
Australia – the land of innovation, where string and baling wire turned dreams into rocket ships and we wallowed in the spirit of true blue innovation.
Sadly, thats a dream of the past (and probably has been for a while as our brains get drained – attracted to other countries where the work is recognised and better paid).
Another nail in the coffin has been added by the Coalition Government’s decision to cut spending in the technology sector to save $845.6 million. This means that the current stream of talent exiting Australia for foreign shores will turn into a torrent and severely reduce the viability of Technology Startups.
Commercialisation Australia and the Innovation Investment Fund will take the brunt of the cuts and in their place will provide some finance to the Entrepreneurs Infrastructure Programme.
Local experts predict that because Australia invests a fraction of what other countries do in Technology Startups, the result will be them going overseas and taking the talent with them.