Labor announces first roundtable of the Innovation Investment Partnership


Labor has announced that it will bring together venture capital, superannuation, startups and peak industry bodies on 12 November for the inaugural roundtable of the Innovation Investment Partnership (IIP). 

The launch of the IIP will be hosted in Canberra by Labor Leader Bill Shorten, Shadow Treasurer Chris Bowen, Shadow Minister for Innovation Senator Kim Carr, Shadow Minister for Financial Services Jim Chalmers and Shadow Parliamentary Secretary Assisting with Digital Innovation and Startups Ed Husic. 

Labor has questioned the substance of Malcolm Turnbull's stated commitment to innovation since his elevation to the prime ministership.

Senator Carr recently called on Mr Turnbull to scrap the proposed cut in the R&D Tax Incentive to demonstrate the Government is serious about innovation.

According to Labor, the majority of jobs to be created over the next decade and beyond will be in companies that don’t exist today.

It says government has a role to play, "...not replacing private investment, or crowding it out but by fostering a culture of innovation, rewarding people for good ideas, supporting young people to kick-off their own startups and getting behind Australian creativity and enterprise.

"A big part of creating the environment where the startups of the future can flourish is unlocking greater opportunities from angel and venture capital investors, and building links with Australia’s $2 trillion superannuation pool. The Partnership will explore ways that encourage superannuation to invest in and support venture capital in Australia, as occurs in almost every other developed economy in the world," it says.

The lack of venture capital has been consistently raised as an issue for Australia's biotechnology sector.

According to AusBiotech, the negative impact of the proposed cut in the R&D Tax Incentive will be magnified by Australia's under-developed venture capital sector.