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An Australian Entrepreneurial Bank Foundation – Craig Walter

The prospects for a better, fairer and sustainable future depend, in part, on developing a culture in which innovation is encouraged and supported. In this context we have drafted the following petition, designed to establish an Australian Entrepreneurial Bank.

The public of Australia petitions the Australian government to provide assistance to establish a new bank foundation which underpins innovators, inventors, local manufacture and the maximum utilization of resources for the benefit of society and our environment. The Environmental Bank of Australia (EBoA) will establish a starting fund of one billion dollars, consultants, an expert framework, and entrepreneurial teams for start-up formation and much better framework for attaining the best possible outcomes.

Why is this important?

‘Underpins local innovators and keeps revenue, jobs and manufacturing here.’

Australians are innovators and yet we transfer much of the industry, jobs and revenue from developments to overseas interests with financial clout. Billions has been lost to the Australian economy and billions will continue to be lost including a thriving research community as a result of lack of financial backing and dynamic structural support.

A fund of one billion dollars is required and is achievable with government assistance, tax incentives in conjunction with private investment, donations, consultant revenue, repayment revenue, loan establishment fees, pledges.

Australia by default subsidises other countries to takes its innovations while demands are made for education money as part of our innovation future.

Billions of dollars will continue to be drained away in the absence of establishing an entrepreneurial framework which promotes local initiatives across a broad range of ventures.

Innovation ‘accelerators’ in Australia are directing Australian innovative teams to overseas sources of financial backing, which demonstrates the constant weakness in regard to backing Australian endeavour. Australia is playing second fiddle when it can be a leader in innovation and enterprise.

Many stories have surfaced about Australian ideas examined by overseas corporations and then ‘stolen’ by reverse engineering and patent fiddling.

Australians are being constantly thwarted by lack of support whereas the ‘clever’ swedish produce great products that strut the world. The swedes also possess an ‘innovation bank’ in the form of a monarchy which supports commercial ideas with integration for the social good.

At present many Australian inventions are ‘in limbo’, which otherwise could bring billions of dollars of revenue, jobs and manufacturing to Australia.

Innovation support also assists medical discoveries, and environmental protection would finally get the support it deserves for a better future.

Getting behind an Entrepreneurial Bank for Australia will ensure that we

  • Provide micro-loans to budding enterprises

  • Span the gap between R&D and commercialisation

  • Retain industry and jobs in Australia (localisation)

  • Establish expert teams to assess and extend innovation

  • Support long term projects of environmental benefit

  • Back inventions that serve the social good over the longer term

  • Develop a strong entrepreneurial culture beginning with Universities

  • Practice balanced economic dynamics (fair trade)

  • Create many more jobs through local manufacturing.

  • Build a co-operative approach between capital and social need

  • Enlist better outcomes from venture capital

  • Promote research science and award programs

How it can be delivered

The petition will be registered and listed on the EBoA campaign website. Then advertised in various media at a later date and presented to various political parties and community leaders.

Craig Walter is an active ERA member living in SA


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