Australia’s innovation industry has had a difficult time over the past few years through changes of local and state governments cutting funding to many research and funding grants. Innovation Minister Christopher Pyne, recently announced that the newly released Entrepreneurial Visa Scheme to Australia would have no cap on numbers upon it’s commencement in order to receive as many innovators and entrepreneurs as possible.
The Entrepreneurial scheme focuses on encouraging foreigners to Australia for investment purposes including real estate and industry. Mr Pyne emphasised how important this group of visa applicants is to Australia as a country and economy. The Innovation Minister has discussed why not capping the number of applicants coming through the visa scheme would benefit Australia in a recent speech at the National Press Club.
“In terms of the cap, there’s no cap being placed on it, because we want as many people coming to Australia who can start businesses and give jobs to other Australians as possible.” Said Minister Pyne. The primary focus on the visa applicants will be those entrepreneurs who will be eligible for permanent residency through their high-growth and innovative business ideas.