Earlier this week, StartUpIsrael reported that 10 Australian startups from Fintech and cyber security are joining a Tel-Aviv accelerator program.
Dave Sharma, Australia’s ambassador in Tel Aviv, told StartUpIsrael;
“Australia is seeking to become a more innovative and entrepreneurial economy. We have been blessed with natural resources, and that is both a blessing and a curse, as we have had no need to focus on emerging areas for growth.”
Tel Aviv was pinpointed as one of five locations around the world the Australian government had selected to help incubate a greater sense of innovation and entrepreneurship. These “Landing Pad” locations were selected based on their status as a “global innovation hub” and their startup ecosystem. The cities include; San Francisco, Singapore, Berlin, Shanghai and Tel-Aviv.
Earlier this year an Australian government minister explained;
“Innovation in our economy is key to our nation’s future jobs and growth which is why the Government is vigorously implementing its National Innovation and Science Agenda.”
These Landing Pads are described as a “key element” of the government’s strategy to boost innovation. While not explicitly targeting Fintech, the Australian government has vocally championed the financial innovation cause. Just as the leaders of the Renaissance explored the world, bringing back ideas from other cultures to incorporate within their own, Australia wants to accelerate their progress on fostering an innovation-driven economy. An $11.2 million in funding was designated to establish these five Landing Pads plus a new “annual in-bound innovation forum.”
The first location was set up in San Francisco in Q1 of this year. All of the Landing Pads should be up and running at some point in 2016. Officials view this as a way to advance Australia’s international collaboration performance and encourage Australians to leverage entrepreneurial expertise found in key locations overseas.
The Turnbull government (recently reelected) has pointed to Fintech as a vital target area for economic advancement. In fact, an expert advisory group was created to help advance Aussi prospects in the area.
The government noted at one point;
“…Australia is a leading financial services market in the region [Asia-Pacific], the sector is becoming increasingly globalised and exposed to technological disruption. Many traditional financial products are being disrupted by the FinTech sector, which is well positioned to become a leading player in the Asia-Pacific. FinTech is at the cutting edge of innovation and will help to deliver more efficient financial markets and more customer focussed outcomes for consumers.”
It will be interesting to see how the Australian initiative evolves and the results delivered to for the innovation initiative.