Our state risks losing a generation of entrepreneurs and start-ups because of a lack of investment in our next Atlassian, Afterpay or Zepto.

With less than two weeks until the state election, Business NSW CEO Daniel Hunter has called for visionary, next-level business reform from the next NSW Government.

Business NSW is asking both sides of politics to commit to a $1.3 billion venture capital fund, which would give innovative businesses the opportunity to make our state the best place to live, work and play.

“Just as Queensland is known as the sunshine state, South Australia as the festival state, NSW must become the start-up state,” Mr Hunter said. 

“The fund would see NSW take an equity share in new and emerging businesses, ensuring the state sees a return on investment, and send a signal that we are the start-up hub of the southern hemisphere.

“A venture capital fund will attract global investment management expertise to NSW, nurture our world-leading research and development into jobs at home, and foster a whole new generation of entrepreneurs.”

Mr Hunter said we are at risk of losing our best and brightest businesspeople.

“During Covid lockdowns we lost innovation and start-up entrepreneurship, with many businesses hibernating or shutting for good,” Mr Hunter said.

“The post-pandemic economic boom has been held back by labour shortages, ballooning inflation, insurance problems, interest rate rises and energy cost blowouts.

“If we are not careful, we are going to force these businesses to remain in hibernation and risk losing a generation of innovators who have the ability to help our society prosper.”

NSW is falling behind Victoria in the race to be the entrepreneurial state. 

In 2021 Victorian Premier Dan Andrews announced a Breakthrough Victoria fund, funded to the tune of $2 billion and privately managed, in a bid to increase its economic competitiveness and create jobs.