Looking for a website that distributes virtual boomerangs? Or maybe an online print shop whipping up snappy Paul Hogan T-shirts with quips like, âˆšÂ¢â€šÃ‡Â¨â‰ˆÃ¬Co-ed Naked Crocodile Hunting?âˆšÂ¢â€šÃ‡Â¨Â¬Ã¹
Australia is launching a national small biz incubator of sorts, shelling out $83 million to support newborn start-up companies. Coined the Innovation Investment Follow-on Fund (IIFF) âˆšÂ¢â€šÃ‡Â¨â€šÃ„Ãº now take a breath âˆšÂ¢â€šÃ‡Â¨â€šÃ„Ãº the aid aims to prevent the countryâˆšÂ¢â€šÃ‡Â¨â€šÃ‘Â¢s next big-time tech companies from flaming out during the global recession.
In other words, IIFF is Australian for bail-out. (ThereâˆšÂ¢â€šÃ‡Â¨â€šÃ‘Â¢s one for you FosterâˆšÂ¢â€šÃ‡Â¨â€šÃ‘Â¢s beer fans.)
More than 1,000 start-up employees will benefit from the investment, which will be funneled through venture capital firms.
Our take? The Aussies are smart as a whip when it comes to recession spending. While we toss briefcases of cash at floundering, overly indulgent companies like AIG, the Australians have the wit and wisdom to feed the hungry entrepreneurs of the future âˆšÂ¢â€šÃ‡Â¨â€šÃ„Ãº the ones who will be responsible for pulling the world out of its financial nosedive.