New innovation fund to support startups and tackle cybercrime

The federal government has announced new measures to support Australian small businesses and startups, as part of the $1 billion National Innovation and Science Agenda unveiled my Prime Minister Malcolm Turnbull.

Centred around building a new digital marketplace and developing Australia's cybersecurity industries, the new fund will deliver around $100 million of fresh capital to the CSIRO, which has fallen victim to a number of substantial budget cuts in the last several years. CSIRO Chief Executive Dr Larry Marshall says the welcome funding injection will make scientific development a more accessible industry, and more attractive to investment.

"Having a fund focused and administered close to the sources of invention and research is ideal for generating the innovation Australia needs," Dr Marshall said, in response to the Prime Minister's announcement.

The creation of the new digital marketplace is being driven by a $15 million investment to make interaction between Australian SMEs and the government much easier. In his official press release, Prime Minister Turnbull notes that the federal government spends $5 billion on ICT each year, and it will now be easier than ever for startups and small-to-medium businesses to compete for those projects.

Stamping out cybercrime high on the agenda

Australian businesses are no strangers to cybercrime, which costs the nation's economy billions of dollars each year. The establishment of a $30 billion Cyber Security Growth Centre signals the government's intention to tackle the problem head on, bringing together industry and government leaders to help Australians and their companies stay more secure online.

Thanks to the announcement of the National Innovation and Science Agenda, the future is looking a little brighter for cybersecurity concerns in Australia. The risks are still out there though, so securing an effective business insurance policy is still a must for the country's SMEs.