Victorian startups will soon have access to a landing pad in Shanghai, China's largest and most cosmopolitan city, to help our innovators access talent and opportunities globally.
The Australian Government will consult with the Chinese Government and other local stakeholders on the proposal for an intended landing pad in Shanghai.
The Federal Government's National Innovation and Science Agenda will create five landing pads in global innovation hotspots to help Australian entrepreneurs take their ideas to market and build high-growth and high-return enterprises.
Shanghai, the economic and financial centre in mainland China, has been positioned by the Chinese Government as a global centre for technology, innovation and entrepreneurship.
Entrepreneurs accessing the landing pads will be assisted to commercialise their products and services through access to the expertise, infrastructure and innovation and marketing networks of local partners.
Landing pads are a key component of the agenda because they will build international collaboration performance by emerging Australian companies, enabling them to leverage the entrepreneurial expertise in these strategic hubs. Recent changes to the Shanghai's labour market is opening its economy and provides opportunities for Australian entrepreneurs.
These changes have attracted the global attention of investors and entrepreneurs with an eye on China's 618 million internet users and 300 million e-commerce shoppers.
Additionally, China's rapid economic growth and increasing centrality to the global economy mean its markets represent an exceptional opportunity for Australian entrepreneurs aiming for global scale and impact, particularly as our services-oriented economy is stepping up.