“Universities are innovation hubs that foster some of our brightest minds and help bring their big ideas to life,” Universities Australia Chief Executive Catriona Jackson said.

“Financial barriers sometimes inhibit the growth of great ideas – and their often-transformative flow-on effects for all. We are worse off for that.

“This initiative will help break down those barriers – helping entrepreneurs and startups to grow, create jobs, translate and commercialise new ideas and drive new solutions to challenges across our economy.

“We look forward to working closely with Minister Clare and Minister Husic to bring this important initiative to life. Our communities and our economy will be better for it.”