TLDR:
- Growing unease in the local startup ecosystem about government understanding and support
- A call for government accountability and responsibility in its role as a VC
In a recent article, Dr. Hon Weng Chong highlights the lack of government support and understanding in the Australian startup ecosystem. The government’s flagship investment vehicle, the National Reconstruction Fund, was met with initial optimism but has since lacked investment, decision-making, and transparency. Chong emphasizes the need for government accountability and responsibility in its role as a VC, citing the controversy surrounding the investment in PsiQuantum as an example of the lack of transparency and open communication. He urges the government to reveal its strategy and technologies that will help Australian startups remain competitive, warning against the reliance on foreign companies that may pull out of the market.
