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The Federal Government is committed to making innovation a centrepiece of the Australian economy. Policy Hack is an opportunity for industry to develop and pitch innovative solutions to some of Australia’s most pressing policy problems and help foster the growth of innovation industries in Australia.

Along with Assistant Minister for Innovation Hon. Wyatt Roy MP, BlueChilli will bring together representatives from startups, VC funds, accelerators and other components of the innovation ecosystem, with policy experts from departments of Treasury, Industry and Communications to collaborate in a one-day industry policy hackathon in Sydney, Saturday 17 October 2015.

We’ll use the hackathon methodology to nominate, select and work together in mixed teams on new government policy ideas designed to foster the growth of innovation industries including tech startups, biotech, agtech, fintech, renewables and resources.

Funding, taxation, education, migration — everything is on the table.

The champions on the highest voted policies will be invited to Sydney to lead teams on the day to workshop their ideas with government representatives.

The goal is to present a set of creative new ideas to an audience of government officials by the end of the day, to give them the top-line thinking from which full policy can be developed and implemented.

If you have a policy idea or you’d like to see and vote on which policy ideas are collaborated on at Policy Hack, you can get started right now.

The Federal Government is committed to making innovation a centrepiece of the Australian economy. Policy Hack is an opportunity for industry to develop and pitch innovative solutions to some of Australia’s most pressing policy problems and help foster the growth of innovation industries in Australia.

Along with Assistant Minister for Innovation Hon. Wyatt Roy MP, BlueChilli will bring together representatives from startups, VC funds, accelerators and other components of the innovation ecosystem, with policy experts from departments of Treasury, Industry and Communications to collaborate in a one-day industry policy hackathon in Sydney, Saturday 17 October 2015.

We’ll use the hackathon methodology to nominate, select and work together in mixed teams on new government policy ideas designed to foster the growth of innovation industries including tech startups, biotech, agtech, fintech, renewables and resources.

Funding, taxation, education, migration — everything is on the table.

The champions on the highest voted policies will be invited to Sydney to lead teams on the day to workshop their ideas with government representatives.

The goal is to present a set of creative new ideas to an audience of government officials by the end of the day, to give them the top-line thinking from which full policy can be developed and implemented.

If you have a policy idea or you’d like to see and vote on which policy ideas are collaborated on at Policy Hack, you can get started right now.

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2014 G20 Young Entrepreneurs Alliance Communiqué

Global structural unemployment is a crisis that disproportionately harms young people. Measures to increase youth employment and promote entrepreneurship will increase medium to long-term trend growth and productivity, thus reducing social risks. The nations of the world would improve the return on investment in education by reducing work skills mismatches. The G20 YEA continues to endorse the G20’s call for specific, actionable recommendations to increase growth. The young entrepreneurs of the world gathered at the Sydney G20 YEA Summit support the Australian G20 priorities on private sector led growth and greater resilience of the world economy. We call on the G20 Leaders, Finance Ministers and Central Bank Governors to focus on entrepreneurship and agree to implement policies, legislation and incentives for ecosystems that support start-ups and sustainable high growth[1] entrepreneurial SMEs, young entrepreneurs and enhance private sector led growth. This agreement should commit to eight specific actions to underpin the pillars of building entrepreneurship ecosystems. 1. Reform global financial system to provide Investment & access to Capital Facilitate the development of a methodology for financial institutions to provide affordable finance to SMEs, which should be accompanied by learning programs. Develop regulations to accommodate the development of new innovative forms of financing including online cross-border platforms and networks of investors and entrepreneurs, such as crowd sourced equity funding. 2. Education, training and business links Promote close cooperation between the business and education sector to better link educational pathways with labour market needs and address the skills mismatch, with renewed focus on STEM (science, technology, engineering and mathematics) education. 3. Entrepreneurship Culture Install experiential entrepreneurship education programs in all layers of the education system with a focus on gender equality, values, ethics and business morals. 4. Innovation & Technology Implement or expand legislation that incentivizes the commercialisation of innovation and new technology. Incentivise programs that connect research, development and commercialization organisations with entrepreneurs and SMEs. 5. Regulation and strengthening tax systems Reduce regulatory and tax burden on labour for both employers and employees as well as reduce tax and regulations for creation of new companies. 6. Trade & Globalization Create a G20 multilateral start-up visa to improve the ability of entrepreneurs to travel and conduct business internationally, and to increase labour mobility by allowing high and sustainable growth SMEs to hire overseas skilled labour more easily. 7. Attracting Private Infrastructure Investment Ensure that government procurement processes are made more open to small businesses owned by young entrepreneurs. 8. Empower Development Support the United Nations and ensure there is a major goal in the UN post 2015 development agenda on youth employment and entrepreneurship, especially young women. [2] The G20 Young Entrepreneurs’ Alliance (G20 YEA) is a collective of leading entrepreneurship NGOs representing over 500,000 young entrepreneurs across G20 countries and the European Union. The G20 YEA members have already created an estimated 10 million jobs. G20 YEA is building on partnerships and collaboration with governmental, business and civil society stakeholders such as the OECD, ILO, UN Millennium Campaign, B20, Y20, EY, Accenture and all official G20 engagement groups. In 2014 over 400 young entrepreneurs and leaders from all G20 countries and 14 observer nations, selected to represent the voice of the world’s future business leaders, attended the G20 YEA Summit in Sydney from 18th July. The 2014 G20 YEA Summit built upon the dialogue between young entrepreneurs that began in Italy (at the G8), and continued at the G20 YEA Summits in Canada, France, Mexico and Russia, resulting in the G20’s recognition of the need for a special focus on youth entrepreneurship in the B20 communiqué and the 2013 G20 leaders’ declaration. The Australian G20 YEA Summit aims to ensure that the ideas of young entrepreneurs adopted by G20 leaders in 2013 will not remain merely a statement, and that the world will witness concrete actions taken towards their institutionalisation. Investment in small and medium enterprises (SMEs) and young entrepreneurs is essential for the G20 countries to meet and exceed the additional 2% increase in global GDP agreed in the Finance Minister’s declaration of February 2014, under Australia's 2014 G20 chair. Youth unemployment in the US and Canada is equivalent to 0.6% of GDP, and over the next 18 years as a result of scarring (lost future earnings due to current unemployment) lost GDP will be 1.3%[3]. In 2014, B20 Australia has presented that the economic opportunity in Europe’s unemployed youth is a potential value of €153 billion per annum, or 1.2% of European GDP[4]. “The top 5% of all companies analysed (in terms of job creation) contributed to 72% of their countries’ aggregate total revenue and to 67% of total jobs. These companies are characterized for being young and presenting high rates of growth” [5] The Moscow 2013 G20 YEA Summit produced ample evidence identifying that any policy to reinvigorate growth and job creation should have entrepreneurship at its core, with a strong emphasis on youth. Government and private sector-led investments in digital infrastructure, education systems and innovation are crucial success factors for enabling thriving entrepreneurial ventures. Policies for sustainable and inclusive private sector-led growth, job creation, investment in infrastructure, trade, commercialisation of innovation and participation of women in the workforce must focus on building ecosystems that create, enable and support high growth entrepreneurial SMEs. The G20 YEA action plan on youth employment contains specific actions that, during the 2014 G20 YEA summit, every country has committed to implement in order to improve their entrepreneurship ecosystem and create more high growth SMEs. The Accenture report “The promise of digital entrepreneurship” and EY report part 2 “Avoiding a lost generation: ten key recommendations to support youth entrepreneurship across the G20”, both co-published with the G20 YEA, provide specific recommendations and best practices to assist all G20 stakeholders. Our sincerest mark of appreciation for their acknowledgement and support of the G20 YEA to The Hon Tony Abbott, Prime Minister of Australia; The Hon Bruce Billson, Federal Small Business Minister of Australia; Senator the Hon Scott Ryan, Parliamentary Secretary to the Minister for Education of Australia; Dr Heather Smith, Australian G20 Sherpa; Helen Clarke, Administrator UNDP; Angel Gurria, Secretary General of OECD. Thank you for the active collaboration of Mr Robert Milliner, Australian B20 Sherpa; Mr Mike Callaghan, Australian T20 Chair; Ms Holly Ransom, Co-Chair Australian Y20 and Mr Richard Andrews, Director of Engagement for the Australian G20 Presidency. We, the leaders of the world’s young entrepreneurs, commit to reaching out to our G20 leaders and stakeholders here in Australia, and also when we return to our home country. We request that the G20 leaders, governments, ministers and staff support and enable us to implement the G20 YEA action plan on youth employment. [G20 YEA GLOBAL ACTION PLAN ATTACHED] [1] High growth is defined as companies that grow from 10 employees or more, at 20% per annum or more, for 3 years or more. [2] The United Nations post-2015 agenda; Entrepreneurship’s critical role in creating youth entrepreneurship and employment, G20 Young Entrepreneurs Alliance & Y20 Australia, July 2014, https://qaz1.az1.qualtrics.com/SE/?SID=SV_4ZKi9tEgFEAMagJ [3] “Assessing The Long Term Cost of Youth Unemployment.” Martin Schwerdtfeger, Senior Economist. TD Economics Special Report. 29 January 2013. [4] Economic cost of Europe’s youth not in employment, education or training estimated at over €150 billion (2012), Eurofound, October 22, http://www.eurofound.europa.eu/press/releases/2012/121022.htm [5] WEF, 2013, Entrepreneurial Ecosystems Around the Globe and Company Growth Dynamics, Report Summary for the Annual Meeting of the New Champions 2013. http://www3.weforum.org/docs/WEF_EntrepreneurialEcosystems_Report_2013.pdf Signed on behalf of the G20 YEA

Iterate the existing legislation in order to get equity crowd funding implemented immediately.

Aiming for a final solution day one is too complex and fraught with risks. Any effective and comprehensive solution needs to evolve over time.
Our feedback, after consulting widely with the businesses, industry partners, advisors and investors we have worked with to raise capital for high growth businesses, is for a simple “first iteration” solution that is quick but effective. This first iteration should maintain some status quo but make a significant improvement. We believe that lean methodology (the process of making small iterations that are market tested and validated) which is so effectively applied to startups should apply here for the creation of CSEF legislation. This would follow a similar path to the USA which allowed successful market testing for intermediaries and platforms such as Angellist and Crowdfunder.com whilst the SEC implemented appropriate regulations for retail investors. With that in mind we suggest the government implement a first iteration and minimum viable product (MVP) with the following: Amendment/removal of the class order restricting advertising of offers, to allow general solicitation Section 708 $2m limit and 20 retail investor limit be raised to $2m and 50 retail investors Definition of sophisticated investor be reduced from $2.5m and $250k to $1m and $100k 50 shareholder limit before becoming a public company be increased to 100 shareholders No requirement for intermediary licensing or additional regulation until they offer services to retail investors. Once retail investor are included appropriate licensing and regulation should apply These changes have the following benefits: they can be easily and quickly implemented as they are within the existing Corporations Act framework they would allow CSEF to start immediately, focused only on sophisticated investors it does not risk retail investors prematurely it widens the pool of potential investors beyond the current, extremely restrictive, definition of sophisticated investors it would allow the CSEF regulations for retail investors to be phased in over time, but not delay implementing a solution that provides much of the benefits the final solution will entail it is in alignment with the Government's focus on reducing red tape. This will not prematurely inhibit the development of CSEF platforms with the complexity of a new licensing framework until retail investors are included I would be very happy to assist with the messaging of these changes to the public through our investment forum events, media activities, G20 YEA and Global Entrepreneurship Week. Yours Sincerely, Jeremy Liddle Co-Founder, CEO & Director, CapitalPitch President, G20 YEA Australia Host, Global Entrepreneurship Week Australia Member, G20 Turkey SMEs Entrepreneurship Task Force Jeremy@CapitalPitch.com More Information on Jeremy Liddle: Jeremy Liddle believes entrepreneurial thinking is changing the world. He is co-founder and CEO of CapitalPitch, the world’s first capital raising accelerator. As the President for the G20 Young Entrepreneurs Alliance (YEA) Australia and Director of Entrepreneurship at ENYA he hosted the 2014 G20 YEA Summit in Sydney 2014. He specialises in entrepreneurship ecosystems, mindset and policy advice for high growth entrepreneurial SMEs. Jeremy also represents Australia, youth employment and entrepreneurship at the United Nations and Global Entrepreneurship Week. Jeremy is a Tedx speaker who has won many awards and is also author of the Book “From Idea to Start-up”. He sits on the B20 task force for SMEs and Entrepreneurship on top of consulting for various UN agencies, intergovernmental and NGO’s. More Information on CapitalPitch: A video about the founding of CapitalPitch - https://youtu.be/A-vMcceOmvo Entrepreneurial businesses solve the world’s biggest problems, but 97.3% of startups fail at fundraising. We graduate startups into scaleups using an online 6 step accelerator and then connect them to investor syndicates through an equity funding platform. CapitalPitch is the world’s first capital raising accelerator. Our purpose is to: Build startups & scaleups into a valuable asset class by securing the highest quality deal flow & returns for investors Become the globally recognised gold stamp for “Investor-Ready” businesses Stay engaged with businesses through their lifecycle and ensure they create a liquidity event Build a movement of founders so awesome investors feel inspired and grateful for the opportunity to get involved Provide all the tools Businesses need to get Investor-Ready and then connect them to a network of certified advisors and investors so they can raise capital more efficiently than ever before.

Get A Great Start.

We need to address the things that stop startups being successful in the first 2-3 years. Mostly it is around cash flow and paperwork. Entrepreneurs spend more time on paperwork and managing short term funding than they can on marketing. Any idea - not matter how good - is doomed to failure if it is not being sold. The following will be useful:
* Redeploy some ATO staff to a new Entrepreneurs Support Group, assigning relationship managers to startups. These managers can then assist startups with completing their BAS and tax returns at a reduced or no cost initially - freeing up the entrepreneur to focus on business and setting good habits for ongoing tax compliance * Commercial rental bonds just tie up huge amounts of cash (6+ months' rent) that could be freed up. Introduce a government-guaranteed rental bond scheme, where the government would guarantee an amount similar to a rental bond by charging each participant an "insurance premium". Even better, to keep costs down, outsource the set up and administration to a new startup!! * Alternatively, allow startups to keep the first $10,000 of GST as a rebate to offset the cost of admin. This would be conditional on timely lodgment and could be divided by return to ensure that one miss does not disincentivise future compliance. * Work with the banks to create a government-backed Start-Ups Loan Scheme. Normal lending criteria to apply, but the lack of capitalisation/guarantees could be replaced by a limited government guarantee. Place a cap of $250,000 per entity group (including related bodies corporate). Standard commercial rates of interest (as the Government is the borrower - that is security enough), but charge the entities the usual higher rate for riskier loans (same as they would be charged). The difference is an insurance premium for the scheme to cover the small number of irrecoverable defaults that might occur. These programmes would come essentially at the cost of administration only (with the exception of the GST/BAS initiatives, but these would be covered out by savings on undeclared obligations and "after the fact" compliance activity by the ATO.

Use lean startup methods to expose students to the process of developing their own global-focussed tech/STEM startup, and do this by embedding lean startup into upper primary and high schools using the existing curriculum of the new Economics and Business and the new Digital Technologies courses. Those students that are engaged could then extend their understanding/opportunities by involvement in national network of Startup Weekends for Youth (or similar).

As of September 2015, the new Digital Technologies subject for grades P-10 (which includes coding, computational thinking and problem solving) and the Economics and Business subject for grades 5-10 have both been endorsed for rollout Australia-wide under the Australian Curriculum starting from 2016. Leveraging this rollout to ensure all teachers of both subjects are using Lean Startup methodology, will ensure students are equipped with an understanding of what is needed to potentially develop globally-focussed startups. A significant benefit of using these courses to deliver lean startup is that ALL students will gain exposure – the Dig Tech for example is compulsory to year 8.
Without lean startup being the basis of the content, we run the risk of the new courses delivering mini-MBA style content only – i.e. the same lemonade-stand model of school businesses that has always been used. Alternatively, with lean startup being the focus of the content, students will still learn about starting their own locally-focussed small business, but also gain additional benefit from learning of lean startup principles (MVP, Customer Validation, etc). From my experience, local startup ecosystems are only too keen to be involved at every level of helping students learn more about lean startup, and would ideally be involved at every stage whether at upper primary, secondary school or at the regional events I referred to earlier.

People submitting ideas
Mark Pesce Saskia Kelly Will Camphin Samuel Pavin Lachlan Blackhall Leanne ODonnell Evan Shellshear Constance Titterton Jason Harrop Jess Moore Sarah Mortellaro Peter Scarth Gareth Hughes Frank  Jensen David Havyatt Allan Ryan Anita Spuler Margaret Quixley adam lyle Raymond Xu Jessica Menzies Catherine Pham Clayton White Keith Marlow Andrew McGrath