Got An Idea For A Startup? The Government Might Be Interested in Funding It

What’s your big idea?

Have you ever had that idea? You might be on a walk, in the shower, talking to mates or just sitting there thinking when inspiration strikes.

And there it is – the perfect business idea. But how do you start a business, and where can you get the funding from?

Well, the Federal Government has floated an idea to provide loans for young entrepreneurs looking to launch a startup.

They’ve called it the ‘Startup Year’ program, and it’s set to offer loans to 2000 university students and recent grads.

It was a key election promise from the Labor party, who want to see young people rewarded for their ingenuity and entrepreneurialism and help them bring their ideas to life.

 In a statement, Minister for Industry and Science Ed Husic said the government is keen to see young people grow and reach their potential.

“We want our next generation of businesses to grow from the ideas and energy of young Australians. And we want Startup Year to help make that happen.”

The funding will work essentially as a loan – but don’t stress, it’s not a bank loan.

Instead, the startup funding will go through the Higher Education Loan Program (HELP) – the system that HECS debts are funnelled through.

The startup loans will provide up to $11,300, and won’t need to be paid off until your taxable income is more than $48,361.

Minister Husic said by providing loans to young people, the whole country will benefit.

“By expanding access to vital capital and startup programs, we will help diversify the talent and skills pipeline so that new ideas can come online from all corners of the Australian community.”

Education minister Jason Clare said the program is set to help develop the work already being done in the field of higher education.

“The higher education sector has wonderful incubators and startup support schemes, but are limited by the number of students they can take on board.”

The government is currently engaging with key stakeholders and consultants on how to best build the program.

“Consultation is key. We are calling on higher education providers, industry, entrepreneurs, investors and students to share their views and advice on how this program should work,” Minister Clare said.

So if you’ve got a big idea – keep hold of it, there just may be an opportunity to get it going.