An entrepreneurship policy framework for high-growth firms: Navigating between policies for picking winners and market failure

Abstract

This paper outlines an analysis of high-growth technology ventures framed within a time when innovation and entrepreneurship were clearly central pillars of economic policy in Australia. The paper first outlines the case that entrepreneurship policy is highly reliant upon supporting high entrepreneurial potential firms. It next outlines the innovation and entrepreneurship policy environment of the Australian Government between 2001 and 2006 and discusses its shortcomings. Using a series of mini cases of technology-based high-growth firms coincidental with this policy environment, the policy areas that require attention in order to support high-growth technology ventures are highlighted. The paper concludes by providing a policy framework conceived through the lens of high-growth business ventures. When viewed in this way it is apparent that neither policy designed to pick winners or policy that addresses market failure fully support or facilitate high-growth ventures.