Start-ups mourn likely Wyatt Roy loss

Tech start-ups are warning of an “ideas fizzle” after the likely departure of the Assistant Minister for Innovation.

Current member for Longman Wyatt Roy arrives for his after party at the Sandstone Point Hotel at Bribie Island. Photo Lachie Millard

Australia’s start-up community has reacted with frustration to the weekend’s ambiguous election result, mourning the probable loss of Assistant Minister for Innovation Wyatt Roy.

Malcolm Turnbull’s $1.1 billion‘Ideas Boom’ national innovation agenda has been thrown into turmoil with the election result pointing to a probable hung parliament and the Prime Minister’s chief start-up champion Wyatt Roy most likely losing his seat of Longman to Labor.

Labor has claimed victory in the seat, but Mr Roy is yet to concede.

StartupAUS CEO Alex McCauley, who heads Australia’s peak start-up representative body, said whatever the final shape the parliament takes it was important it works cohesively to deliver good policy outcomes for start-ups.

“Start-ups and innovation are a core economic priority supported by both major parties as well as the Greens and Nick Xenophon Team,” Mr McCauley said.

“Our expectation is that an ambitious start-up agenda will continue to be pursued by all the key players. In a difficult period, this can be an area of strength for this new parliament.

“It is important we don’t miss this once in a generation opportunity to help our economy transition and take advantage of the cast opportunities technology is bringing.”

Mr McCauley said the potential loss of Mr Roy, who was the youngest member of parliament at 26, was unfortunate.

“As the Assistant Minister for Innovation, Wyatt has made an enormous contribution to the conversation and the bipartisan policy framework around start-ups in Australia. We are much further forwards in this country because of his efforts and advocacy,” he said.

Rohan Workman, director of the Melbourne Accelerator Program at the University of Melbourne, said Wyatt had been a fantastic advocate for the entrepeurial ecosystem, and his loss would be a “real blow” for the community.

“He is one of the few parliamentarians who genuinely engaged with the start-up community and represented their interests,” Mr Workman said.

Stuart Stoyan, who runs peer-to-peer lending start-up MoneyPlace, was more scathing, describing the election ‘non-result’ as a “debacle” and “the worst possible outcome for start-ups.”

“For the past nine months we’ve been working with the government on the importance of the innovation agenda, which is now at risk of being lost to political instability and infighting,” Mr Stoyan said.

“The potential loss of Wyatt Roy is a further blow for start-ups and #ideasboom, which is looking more like #ideasfizzle. The start-up community is deeply concerned that politicians will take their eye off the ball and focus on internal politics and blame, rather than getting on with it and supporting growth and innovation,” he said.

“Australia needs clear and decisive political leadership. This is important not just for start-ups but for the broader economy.”

Mr Stoyan pointed to the fact the country has had five Prime Ministers in the past six years, with Bill Shorten potentially making that six.

“If the Australian government was a start-up, it would be looking at its sixth CEO, umpteenth pivot and the loss of trust and confidence from its customer base. Maybe Elon Musk has it right and we should all just move to Mars.

“The rise of NXT and the independents is a clear rejection of the major parties, however this throws the nation into even more turmoil, as whoever ends up forming government will need to make significant concessions to get anything done. This will create further instability and ineffectiveness, as the government will be focused on meeting the needs of special interest groups rather than the critical issue of growing the economy.”

Chief executive officer of ASX-listed e-learning company Velpic, Russell Francis, said Mr Roy’s potential loss would be disappointing but Malcolm Turnbull’s innovation agenda would still live on.

“The bigger loss will be that of Wyatt’s more liberal views that reflect a modern Australia within a party that can be overly conservative in some factions,” he said.