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Australia startups turn to Silicon Valley as local investors shun risk

Investment for any promising Aussie innovation has been scarce

The venture capital industry Down Under is still recovering from the global financial crisis, with investment activity about half of 2009 levels, OECD data shows.


FOR the cost of a Sydney home, Paul Evans would be able to market an electric-car engine that could help put Aussie innovation back on the map. In risk-averse Australia, most investors would prefer to buy a house.

The entrepreneur has been shunned by local venture capital

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