Australia has decided to create two high-tech incubators abroad, one in Tel Aviv and the other in California’s Silicon Valley. The country’s US$1.1 billion “Ideas Boom” project was announced by Australian Prime Minister Malcolm Turnbull.
The project is aimed at making Australia a leader in the field of new technologies, while the money allocated to the project will be distributed by the Australian government over the next four years.
“Landing Pads will be created in key global innovation hotspots including Silicon Valley and Tel Aviv to give Australian entrepreneurs and startups a short-term operational base,” said Australian trade and investment minister Andrew Robb.
“This is a valuable new resource for Australian companies and will help foster the innovation and entrepreneurialism we need to create new jobs and build the industries of the future,” Robb said.
According to Turnbull, “Our innovation agenda is going to help create the modern, dynamic 21st-century economy Australia needs. Unlike a mining boom, it is a boom that can continue forever, it is limited only by our imagination, and I know that Australians believe in themselves, I know that we are a creative and imaginative nation.”
Australian Ambassador to Israel Dave Sharma said, “The decision to set up a first Australian startup incubator in Israel is huge, and reflects the importance that Australia ascribes to Tel Aviv as the world’s start-up capital alongside Silicon Valley.”