Sydneyâs $120b tech cluster has shades of Silicon Valley
Surry Hills, once best known for being the centre of Sydneyâs rag trade, is carving out a reputation as a technology hub with a cluster of privately owned tech companies.
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Two Silicon Valley veterans running a technology venture fund out of Sydneyâs Surry Hills donât have to walk far to find a dozen technology companies valued at about $120 billion.
Chris Barter and Zeb Rice, the co-founders of King River Capital, believe the growing cluster of tech companies in Surry Hills and environs is reminiscent of what they saw happen in Palo Alto, California and Tel Aviv.
Federal Education Minister Alan Tudge’s push for better engagement between universities and industry signals renewed ambition and dynamism among higher education policymakers. Research commercialisation is being pitched as the way to rejuvenate a higher education sector plunged into crisis by the COVID-19 pandemic. Government has a crucial role to play in this process, and we have identified three specific steps it can take to help Australia catch up with the world’s best.
Australia’s public universities are world-class research bodies. But, unlike many universities in places like Europe and the United States, they are not good at building on that research for commercial returns. Australia’s level of research commercialisation is one of the worst in the developed world.
Australian VCs have invested $9 5 billion since 2003: An interactive look at how it s been spent smartcompany.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smartcompany.com.au Daily Mail and Mail on Sunday newspapers.
Australia s foreign investment regime
There is no specific regime relating to venture capital investment. Australia has a foreign investment regime which applies to certain acquisitions. The Australian Government’s foreign investment regime, generally speaking, encourages foreign investment in Australia. The regime consists of the
Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA), associated legislation and various regulations. The regime is also supported by Australia s Foreign Investment Policy (Policy) and around 50 guidance notes released by the Foreign Investment Review Board (FIRB), which are updated from time to time. The Australian Treasurer administers the FATA with the advice and assistance of FIRB.
Under Australia s foreign investment regime, foreign persons are required to notify FIRB of certain transactions and obtain clearance before proceeding with certain transactions. Voluntary notifications can also be made in certain circumstances.