The Institute of Public Accountants (IPA) has welcomed the “inner revolutionary” approach announced by the Government which will look at innovative ways of driving economic growth and productivity.

“The IPA has been advocating for many of the measures hinted in the recent announcements made by the Innovation Minister, the Hon Christopher Pyne so we are keen to continue the dialogue and get the ball moving,” said IPA chief executive officer, Andrew Conway.

“We are particularly interested in the areas of crowdfunding, venture capital and the support for small business including new start-ups.

“When it comes to venture capital, we have recommended the establishment of a pilot scheme to pool public funds with private sector VC firms exclusively for capital investment projects for small and medium-sized enterprises developing new R&D products or services.
“We recommend that the scheme involve a maximum public exposure of $2 million on an equal basis with private sector VC firms.

“It is a positive sign that the Government is looking to innovation as a key economic driver; which has been a sound platform within the Australian Small Business White Paper and we look forward to more dialogue on this exciting development,” said Mr. Conway.