The Federal Government’s decision to cancel the innovation grants program has left many Canberra businesses in limbo, reports the Canberra Business Council (CBC).
Chris Faulks, CEO of the council, says more than 70 companies were in the final stages of the application process when they were suddenly deemed ineligible. Some of those companies had spent a substantial amount of money and time, which has now been wasted.
Software development company Intelledox reportedly invested 1,000 hours and $200,000 in its application. General manager Michelle Melbourne says that while other places had a strong venture capital environment with private money, such as Silicon Valley in the USA, the same did not apply here.
“We don't have that luxury in Australia so the Government has a key role to play in triggering and nurturing the innovation process,” she says, predicting that some companies will take their projects overseas.
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