“The need and the challenge for this Policy Hack is to create a real outcome. This will also be challenging to implement and my suggestion would be to focus on an idea that has real potential to be a success story!
Connect the related industry with the innovators and creative thinkers. Government should be the catalyst.
Most Start-ups face challenges such as lack of funding, limited access to affordable space and resources and lack of experience in business operation. Governments on the other hand, are challenged by red tape, lack of innovation, (or so it seems) and lack of connection to creative thinkers, entrepreneurs and problem solvers. Business Challenges – lack of connection to universities and innovative talents. So how could we bring these together and achieve a real outcome? My suggestion: Create an innovation challenge series of events not only in the major cities but in every region of Australia where all Government agencies and businesses can submit their challenges and assign a price tag (let’s say $25K) as a reward or seed funding. The problems should be targeted at entrepreneurs and needs to be backed by education programs like NEIS followed by complementary incubator and if successful by accelerator programs. The Events should be linked to all universities or other education institution to attract young talents. Connection needs to be established with businesses similar to the nature of the problem in order to facilitate sustainability of the project and mentorship. Outcome: Creative thinkers/innovators and start-ups will be attracted by the need to solve the problem and by the financial incentives. Business and industry will provide the execution know-how and sustainability for the product or service and gain a conduit to the universities, creative thinkers and schools, YES! Schools: Singapore Government provides schools with grants of up to $10,000 to put in place a comprehensive, structured entrepreneurship learning programme for their students. http://www.spring.gov.sg/Nurturing-Startups/Pages/young-entrepreneurs-scheme-schools.aspx. While you are there, check the tax incentive for investors, individuals and existing businesses. This idea is not new, some great examples are events like Open Innovation below: https://www.digitalpulse.pwc.com.au/open-innovation-newcastle/ The measure of success (or ROI) will be how many Government problems are solved using the above ideas. ”