More Australians will have the opportunity to bring their startup ideas to life following the passage of legislation today.
The Education Legislation Amendment (Startup Year and Other Measures) Bill 2023 delivers on an election commitment to support up-and-coming Australian entrepreneurs.
In a first-year pilot, up to 1,000 eligible students will be able to access a new form of Higher Education Loan Program assistance, STARTUP-HELP and participate in a higher education-based accelerator program.
This will be expanded to benefit up to 2,000 students a year in subsequent years.
The Startup Year will support skills development and give recipients access to mentors and facilities to help them commercialise good ideas and create new jobs.
This includes supporting under-represented groups such as female entrepreneurs, as well as Indigenous Australians, people with disability and community-based startups working on regional and rural issues.
The Government will work closely with universities and industry to implement Startup Year programs from early 2024.
Comment attributable to Minister for Education Jason Clare:
“The Startup Year means more Australians will have the opportunity to turn their ideas into businesses.
“The Government will work closely with the higher education community and industry to implement the program from early 2024.”