Five big ideas to get Victoria back on track

Experts say Victoria should not rest on its major events laurels and should aggressively consider these five big ideas to get the state back on track.

The establishment of the Office of the Victorian Chief Entrepreneur has been recommended by business and community leaders to help drive the state’s economic fightback.

The new role would promote innovation and the start-up culture in Victoria.

It’s one of several recommendations to come out of the first-ever Victoria Summit, hosted by VECCI and attended by about 100 leaders from all sectors.

VECCI chief executive Paul Guerra said up to 500 ideas had been discussed to plan the state’s road map to recovery.

“We’re out here to throw the ideas up to make Victoria the best place to live, to work, to learn and to operate a business,’’ he said.

The summit was also attended by four past premiers – Jeff Kennett, Steve Bracks, John Brumby and Ted Baillieu.

The think-fest also called for re-evaluation of the state’s creative industries to get behind all types of artists and even game developers. The summit also said action was needed to get more young people involved in government and decision-making.

Empty stores in Melbourne’s CBD. Picture: Jake Nowakowski

“Is there an opportunity, almost a youth guarantee if like, to ensure that up to the age of 24 you’re either learning or working in this state?’’ Mr Guerra said.

The chamber also conducted a Voices of Tomorrow event on Tuesday when the state’s next generation of leaders shared their vision for the future.

One of the panellists was start-up consultant Stephanie Hall from Startmate which has invested in more than 170 new enterprises.

“It’s a really exciting time for start-ups. We’ve obviously seen a fair amount of of disruption, which has thrown the world into a state we’ve never previously seen, but there’s so much innovation,’’ Ms Hall said.

“Victoria can be at the forefront, driving the start-up scene here.

“We’re leaders in sport and events and so many fantastic things - why can’t we be the same in start-ups and in climate change and these other important areas?’’

All of the summit ideas will go into a final “playbook” of proposed actions in February.

One leading theme was that the state should not rest on its major events laurels and should aggressively target more events such as sport, musicals, concerts and arts festivals.

5 big ideas from Victoria Summit 2021

1. Create Office of the Victorian Chief Entrepreneur

2. Reboot the state’s creative industries

3. Create a youth guarantee

4. Aggressively target more major events

5. Create one-stop concierge service for business to deal with government

The Victoria Summit also called for ways to make it easier to do business by creating a one-touchpoint concierge with government to cut red tape.

The aim should be to attract multinationals which would then have a positive flow-on effect for small and medium enterprises, Mr Guerra said.

Victoria’s business start-up rate lagged behind international benchmarks so the sector needed to be kickstarted, he said.

“How do we actually put this whole sector on steroids?

“We think that having a focus as a Victorian Chief Entrepreneur in residence, not someone that’s going to be hindered by government regulation, but somebody who’s an experienced entrepreneur and that might be on a rotating cycle that can cut through the government loans to give Victorian start-ups the best opportunity they’ve got.’’

Experts say more major events like the Australian Open need to be held in Victoria. Picture: Michael Klein

Education innovator Jeanette Cheah, of HEX which encourages start-ups, said one idea could be the introduction of “start-up leave’’ at work for new entrepreneurs create game-changing ideas.

“Leading Victorian workplaces could grant three to six months unpaid ‘start-up leave’ to encourage employees to explore entrepreneurship and other creative pursuits,’’ Ms Cheah said.

“We know that entrepreneurship drives economic recovery and growth by creating new jobs, so it’s great for the state. Businesses can also build strong employer brands through this incentive and improve employee satisfaction.’’

Paul Guerra, CEO of the Victorian Chamber of Commerce hoped the ideas would make Victoria the best place to live and work. Picture: Andrew Henshaw

Mr Guerra said summit discussions would continue into the new year.

“There’s no one single idea that’s going to dominate. It’ll be an aggregation of all ideas.

“To put it in perspective, in Victoria, there’s an average of 43 permits, licenses and regulation to set up three types of businesses.

“If can get that number down, it makes it easier to open and then run a business in this state which is important.’’

The playbook will be handed to federal, state and local governments in February to make changes happen, he said.

The summit process has involved working group sessions, reference group meetings and public forum days.