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Aiding innovation and entrepreneurship through migration policy: A view from Australia

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  • Khanh Hoang

    (ANU College of Law, Australian National University)

Abstract

In recent years, there has been significant interest in the role of migration policy in aiding innovation, entrepreneurship and economic growth. The weight of academic literature points to a positive relationship between migration and innovation. Several countries, including Australia, Canada, the US and Singapore have sought to leverage this relationship by establishing various visas aimed at attracting migrant entrepreneurs and monetary investment from high net worth individuals to support their innovation systems. This paper analyses the effectiveness of Australia?s migration policies in strengthening its innovation system and asks what, if anything, could be done differently. Two key areas of the innovation system that could be addressed through migration policy are identified: increasing the pool of venture capital in Australia and attracting more migrants with entrepreneurial talent. Established in 2012, Australia?s Business Innovation and Investment Programme (BIIP) contains a range of visas aimed at attracting entrepreneurs and investment from high net worth individuals but has largely failed to address the needs of the innovation system. Drawing upon experiences of other jurisdictions and evidence from internal stakeholders, this paper suggests a range of reforms to the BIIP that would better align migration and innovation policy in Australia. Whilst approaches to the innovation and migration nexus will differ from economy to economy, Australia?s experiences may provide valuable lessons for other countries seeking to establish similar visa programs.

Suggested Citation

  • Khanh Hoang, 2015. "Aiding innovation and entrepreneurship through migration policy: A view from Australia," International Journal of Social Sciences, International Institute of Social and Economic Sciences, vol. 4(3), pages 59-81, August.
    • Handle: RePEc:sek:jijoss:v:4:y:2015:i:3:p:59-81
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    References listed on IDEAS

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    More about this item

    Keywords

    migration; innovation; entrepreneurship; government policy; economics;
    All these keywords.

    JEL classification:

    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • K37 - Law and Economics - - Other Substantive Areas of Law - - - Immigration Law
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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