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Fresh from the government announcing a "Kids Future Fund", the state's peak business group is calling for a venture capital fund to help startups.
- The CEO of Business NSW says some startups are slipping through the cracks
- He wants government to put $1.8 billion into a seed fund
- A worker at an electronic payment startup says a fund could create a breeding ground
Business NSW has criticised both the Coalition and Labor for a lack of bold ideas for business in the lead-up to the election.
"What we are calling for now is some visionary policy," Business NSW CEO Daniel Hunter said.
"Something that's not just about vouchers and rebate, [but] that's actually setting businesses up for the future."
It wants $1.8 billion from the government to put in a fund as seed money for entrepreneurs and startups.
"What we are seeing are a few of those small businesses starting to slip through the cracks and we need the next Canva, we need the next Atlassian," Mr Hunter said.
Zepto, an electronic payment company, was set up in 2017 in a garage in Byron Bay in northern NSW.
It now has 100 employees.
"It started with an idea and a passion to fix something," Zepto employee Emily Curlewis said.
She says a fund would create a "breeding ground" for startups in the state, while entrepreneurs were looking to other jurisdictions.
"Sometimes we see that less than an hour over the border in Queensland there might be better benefits for startups," she said.
"In those early days, you're looking for whatever is best to enable you to grow."
Victoria has established a $2 billion fund, similar to the one Business NSW is proposing.
The state government has defended its record on helping startups.
"The NSW Liberal and Nationals government has a wide range of nation-leading programs focusing on supporting innovation and commercialisation," Enterprise Minister Alister Henskens said.
Labor says a venture capital fund is a "good idea".
"We intend to talk further with Business NSW," Shadow Treasurer Daniel Mookhey said.
"Ultimately, progress is only possible when we get the budget back under control."
Sarah Qian is a few years into her journey as an entrepreneur, developing a vegan cheese company that created the formulation for the world's first oat cream cheese.
She says it's hard competing with tech companies when looking for investment.
"When you're looking at innovation within food, which is becoming increasingly important, especially in the sustainability space, we are often left behind," she said.
"It's been absolutely tragic to see because they pour in so much of their financial savings. It's really just an innovation drain."
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