Entrepreneurs lured to Australia under a new visa category could be granted permanent citizenship if their ventures are commercially successful.
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Expanding on the government's signature innovation statement, Immigration Minister Peter Dutton said diplomatic staff in 50 to 60 countries were scouting for entrepreneurial talent to bring to Australia under the new scheme.
Prospective applicants would need to bring financial backing for their idea, which was more important than the idea itself or the field of the startup, he said.
"They come here and the key then to becoming an Australian citizen is whether or not it goes on to success," Mr Dutton told a group of young entrepreneurs in Sydney.
He said the government would consult with the sector as to what constituted "success", but he intended to take "a liberal approach". Embassy staff in many countries would likely already have identified people "in the back of their minds" who would be suitable candidates for the new visa, Mr Dutton said.
Innovation Minister Christopher Pyne has said there will be no limit on the number of people who can be accepted under the visa. "We want as many people coming to Australia who can start businesses and give jobs to other Australians as possible," he told the National Press Club earlier this week.
Young entrepreneurs reacted enthusiastically to the government's innovation statement, announced on Monday. Murray Hurps, the general manager of Australia's largest startup hub Fishburners, where Mr Dutton was speaking, said the package was "so much better than anything we've had before" and would help his members find investors.
"Australia has been this wonderful place to live but not a great place for startups," Mr Hurps said. "Now you could legitimately say 'I want to launch in Australia' over any other ecosystem."
His one reservation was that not enough funding had been given to accelerator programs and incubators, which assist startups in their early-stages when capital is hard to come by. The statement allocated $8 million over four years, which some in the industry have criticised as inadequate.
"I'm so happy about everything in the innovation package but I would have liked to have seen the accelerator support a little bit larger," Mr Hurps said.
