The Turnbull government's tax incentives for investment in innovative start-ups introduced to Parliament on Thursday are "arguably the most generous in the world", the head of the start-up lobby says, although the process of approving "innovation companies" could be simpler.
The founder of Nitro, a cloud-based document-sharing company with 600,000 corporate clients and a 200-plus headcount, might never have moved its base from Melbourne to San Francisco had such tax incentives existed in 2009.
"That train's now left the station for us, unfortunately, but I'm really encouraged to see all these 'Ideas Boom' announcements," Nitro's Sam Chandler said. "Eventually it's going to flow through to the STEM talent pool in Australia, and the amount of venture capital available here, which were the reasons we moved in the first place."
"We don't do any engineering [in Australia] today but we're looking at it, and the noises from the Turnbull government are certainly making us look at it a bit closer."
This is an extract from an article originally published on the Australian Financial Review website .