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ARTICLE · 15 DECEMBER 2015

Key implications of the Innovation Statement for startups

Holding Redlich
Holding Redlich
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Holding Redlich

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These five key reforms proposed by the Innovation Statement could be of interest to our clients involved in startups.

AustraliaCorporate/Commercial Law
Darren Pereira
Darren Pereira
Eleanor Grounds
Eleanor Grounds
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On 8 December 2015, the Federal Government announced the National Innovation and Science Agenda, also referred to as the 'Innovation Statement'. The Innovation Statement is targeted at startup enterprises and their investors, with the aims of encouraging investment, providing greater flexibility and better mechanisms to continue growth and development of startups. Below are five key reforms proposed by the Innovation Statement that we consider will be of interest to our clients involved in startups, including founders, employees and investors.

  1. Changes to bankruptcy laws

Under current bankruptcy laws, investors in a failed venture have to wait three years before being involved in a new business. The Innovation Statement considers that this has been a major contributor to the reluctance of early stage (angel) investors to get involved in startups. The Innovation Statement will seek to overcome this by:

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