Wealthy migrant investors could provide much-needed support to struggling universities and the return of international students, Atlas Advisors Australia said.
According to Atlas’ executive chairman, Guy Hedley, the investment network of the Business Innovation and Investment Program (BIIP), which aimed at enhancing economic and social outcomes by directing funds to priority sectors, should be restructured in a way to offer priority to high net worth migrant investors who could provide long-term sources of funding.
Hedley said revamping the BIIP complying investment framework to channel more funds towards critical research, positions and projects matched the strategic focus of universities and the Australian Government towards international education.
“Reopening applications under the BIIP could immediately unlock millions of dollars in available funds to support universities to recover and grow in a post-COVID-19 economy,” he said.
“Wealthy migrant investors could play a greater role in making up for the loss of international students and strengthening the capabilities of our universities to build better ties to the rest of the world.”
Geoff Waring, Stoic Venture Capital managing partner – investments, which united with Atlas Advisors to call for greater funding under the BIIP for universities and venture capital, said: “Many Australian startups that could go on to become industry leaders have emerged from research conducted in university laboratories,”
According to him, revamping the complying investment framework should prioritise capital constrained companies rather than support more mature companies and assets reconfigures immigration policy to address the gaps in capital markets.
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Australia has too many second rate universities relying on exploitation of foreign students and abuse of regulatory power (eg FASEA) for their survival. Frankly we are better off without them.
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