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Visas for entrepreneurs and monetary support for local university students wanting to start their own businesses are the cornerstones of Labor’s innovation policies.

Up to 2000 foreign university graduates and 2000 entrepreneurs wanting to start their own business would be able to come to Australia under the new Start-up Entrepreneurial Visas.

To access the visas, entrepreneurs would need to show they had access to around $200,000 of capital. The visas would be valid for up to three years, after which time recipients could apply for an extension or permanent residency if all requirements had been met.

The graduates would be granted a visa for one year initially and this would be able to be extended if their business idea progressed significantly.

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