This week the Federal Government announced a $1bn package to help support innovation in Australia. Over 20 ideas designed to support entrepreneurship, ideas, investments and startups have been released, and as a startup, Raiz welcomes this with open arms. We wanted to let you know a little more about the package and why it’s important for Australia.

Where did it all begin?

It seems to have started in September; from Malcolm Turnbull’s very first speeches as Prime Minister he talked about an Australia that needed to be “agile, innovative, and creative”, an Australia that needed to recognise “disruption as our friend”.

This was promising, but I think we can all be forgiven if we didn’t believe every word coming out of a politician’s mouth… so we waited to see whether any real actions would be taken.

Why is it important?

It is important because until now Australia has been lagging behind. For a country with so many bright and talented individuals, we don’t have the culture of innovation to encourage them into entrepreneurship. The best talent is frequently being lured away to places like San Francisco, Singapore, and London. Australia needed a change so that we could become a nation of innovators, and encourage Australians to start their business journey here. The opening of Fintech Hub, Stone & Chalk, in Sydney this August, was also a welcome sign of change. Stone & Chalk houses over 40 different startups.

What’s in the $1bn package?

We won’t go through all 20 ideas in the package (we’d encourage you to do some of your own reading if you have time), but here are some of our highlights:

* Women in Tech: It’s a simple one, for too long we’ve been complaining about the lack of women in the tech industry. This package puts a handy $13m towards encouraging and supporting women to run with their ideas, and start a company.

* Tax incentives for investors: Tax may be boring, but it’s important. A major problem in Australian entrepreneurship is funding, and good people with great ideas not being able to obtain funding. Tax incentives will encourage more investment in startups – meaning that more startups will be able to take the next step, and great ideas won’t need to be abandoned.

* Stop the boats (leaving): You may not know this but we have been kicking smart people out the country for a long time. With the new “entrepreneur visa”, PhD graduates and other startup founders will be given the chance to stay and build their company in Australia.

Summary:

This won’t turn Australia into the new home for innovation on its own, but it is a great start. The commitment to innovation not only has the backing of the government, but also of the opposition Labor party.

Now what we need is you and all other Australians to start running with your ideas and becoming a part of the new creative, disruptive Australia.