“Universities welcome the government’s commitment to help budding entrepreneurs bring their ideas to life,” Universities Australia Chief Executive Catriona Jackson said.

“The realisation of big, bold and bright ideas will make Australia smarter, and many of these concepts are born in our universities.

“It is these ideas that create new industries, jobs and drive productivity while positioning Australia to overcome skill shortages and manage national priorities – from the energy transition to defence priorities.

“We are very supportive of the government’s decision to establish a working group to further develop the program through the pilot period.

“This is an essential step in ensuring the program can achieve its stated aims, and we look forward to providing advice to government through this forum.”