Australia: Canberra plans mid-market fund; Macquarie Park to become innovation district

The latest developments in the startups space in Australia has seen Canberra is shifting its focus from startups to allocate more funding for mid-market companies, while Macquarie Park is being developed into an innovation district to attract and host startup ventures.

Federal government plans innovation fund

The Australian Federal Government, based in the federal capital of Canberra, will be shifting its focus to growing innovation in Australian mid-market firms against the current policy of looking at startup ventures,  in the latest phase of its “Innovation Nation” plans.

The Minister of Industry, Innovation and Science Greg Hunt has declared the government will consider establishing a widened National Innovation Fund, targeting businesses valued between A$20 million ($15.4 million) and A$200 million ($154 million).

This expands on the government’s previous message on the role of new technology startups in the future of the Australian economy.

The Australian Private Equity and Venture Capital Association (AVCAL) had been campaigning for additional  innovation grants to companies that are in periods of accelerated growth, in many instances medium-sized businesses.

Macquarie Park to be transformed into innovation district

Macquarie Park is set to be remodeled into an innovation district as part of a redevelopment plan to attract startups and entrepreneurs to the area.

The 350 hectare business park is a suburb in northern Sydney, approximately 30 minutes away from the central business district. It will be renamed Macquarie Park Innovation District.

A partnership between large corporates in the area including OptusNational Australia Bank (NAB)AMP Capital and Macquarie University will be in charge of the project.

The offered office space is to be expanded to 2 million metres squared, and is set to host over 180 multinationals and 200 SMEs, with 85,000 employees and students and a teaching hospital.

The Macquarie Park business district generates AUD$9.8 billion ($7.54 billion) in GDP annually and is growing at 7 per cent per annum but lacks appear for entrepreneurial ventures.

According to the reports, the transformation of the park will take place over a 10-year timeframe, with various long and short-term projects.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.