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No Bad Ideas
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Overview
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Startup Nations Summit
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GET Forum
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CoCreate
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The Entrepreneurs’ Program
The Entrepreneurs' Program was a government initiative aimed at helping small businesses grow and become more competitive by providing them with access to expert advice and financial resources.
What are the main aims and objectives?
The Entrepreneurs' Program was a strategic initiative aimed at bolstering the growth and competitiveness of small businesses. The main objectives of the program included increasing business productivity and competitiveness, fostering innovation, and enhancing economic growth. Additionally, the program aimed to help entrepreneurs refine their strategies, identify new opportunities, and overcome obstacles.
How does the program work?
The program's primary function was to connect Australian businesses with the resources and support they need to succeed. This included not only financial support but also crucial access to expert advice and assistance with commercialization and export opportunities.
The program operated by identifying areas of need within a business through a completed roadmap or plan. This process helped to ensure that the program's support is tailored to the specific needs of each participant. Once these needs had been identified, the program provided a range of benefits and support services designed to address them and foster business growth.
These support services included financial grants, access to industry experts for advice and guidance, and assistance with developing strategies for commercialization and exploring export opportunities. Moreover, the program provided support for commercialization and export opportunities. This aspect supported businesses in taking innovative products, processes, or services to the market. It also aided in enhancing businesses' capacity to trade in international markets.
The eligibility criteria for the program were primarily focused on small to medium-sized businesses and startups. One of the key criteria was that the business activity must link to an area of need as defined in the recommendations of a completed roadmap or plan. The initiative also required businesses to have potential for growth and commercialization.
What is the overall cost?
The Entrepreneurs’ Program budget is reported to have fluctuated over time but at its peak received AUD 484.2 million (approx. $312 million) annually.
How was it implemented?
The Entrepreneurs’ Program was initially announced in the 2014-15 budget by the Abbott government. It replaced the previously-existing Innovation Investment Fund and Commercialization Australia. It was later included in the Turnbull government’s National Innovation and Science Agenda with a budget of $484.2 million.
The grants of the program were delivered through partnerships with large businesses and organizations including: Deloitte, i4 Connect, Ai Group, Business Australia, Business SA and the Darwin Innovation Hub.
In May 2023 it was announced that the Entrepreneurs’ Program would close and be replaced by the Industry Growth Program which is an AUD 392.4 million initiative that will provide advice and matched grant funding for SMEs and startups to commercialize their ideas and grow their businesses. Although a separate body, this program will continue the vast majority of the work conducted by the Entrepreneurs’ Program.
What impact has been measured?
The Australian National Audit Office (ANAO) published an audit of the program in 2022 which shows that the program supported over 22,000 Australian companies since 2014, creating an average of 3.5 new jobs per business and delivering an additional AUD 1.47 million (approx. $950k) in turnover.
What lessons can be learned?
The contract procurement and management processes of the Entrepreneurs’ program has been heavily criticized. An investigation by ANAO, published in June 2022, found that AUD 160 million worth of contracts were “deficient in significant respects’ and that the design of the procurement process had failed to comply with Commonwealth procurement rules. In particular several large contracts were awarded to existing partners of the program without fair selection processes taking place. Criticism of the program in this regard directly led to the decision to close the program and replace it with a new scheme.
