Support future of universities by restructuring BIIP

Atlas Advisors Australia

The collapse of universities and their vital research projects in areas including health and science, could be averted through strategic funding alternatives, leading wealth manager Atlas Advisors Australia says.

Millions of dollars in vital funds could be immediately deployed to rescue universities, research, positions and projects if the Business Innovation and Investment Program (BIIP) was restructured, Executive Chairman Atlas Advisors Australia, Guy Hedley said.

“The disaster facing the universities could impact on the Australian economy for generations, but it does not need to occur,” Mr Hedley said.

“Creating a stronger and more prosperous future for our universities is possible, if we look at more innovative and sustainable funding alternatives.

“Migrant investment could provide a sustainable and long-term source of funding that matches the strategic planning priorities of universities themselves.”

Mr Hedley said revamping the complying investment criteria of the BIIP to channel more funds towards ailing industries including universities should be a key priority of the Australian Government’s ongoing review of the program.

University-focused venture capital fund Stoic Venture Capital has united with Atlas Advisors Australia to call for greater funding for universities, research positions and projects under the BIIP.

“Universities are in peril because of a strategic reliance on international student numbers which have collapsed as a consequence of COVID-19 impacts,” Stoic Venture Capital Managing Partner – Investments Geoff Waring said.

“What better way to make up for the loss of international students in a post-COVID-19 economy than by funding commercialisation of university research with a greater proportion of investment from high-net worth migrants.”

Dr Waring said it was important to remember that many of the most globally competitive Australian firms such as Resmed and Cochlear emerged from research conducted in university laboratories.

“Revamping the complying investment criteria of the BIIP in this way would support the ecosystem of economic development,” he said.

“It would also lead to larger university endowments that are an increasingly important source of stable revenue.”

About Atlas Advisors Australia

Atlas Advisors Australia is a leading funds manager and investment advisory business, operating between China and Australia offering a wide range of financial services and wealth management solutions. With operations in Sydney and Melbourne in Australia and Shanghai in China, we are able to support investors in all China and Australia locations.

About Stoic Venture Capital

Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. We are unconditionally registered as an Early Stage Venture Capital Limited Partnership (ESVCLP). We take a collaborative approach to investing in the highest potential companies.

/Public Release.