Sydney’s loss is Silicon Valley’s gain as Australians shun risk

January 16, 2017

[SYDNEY] 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 funds in attempts to raise A$3 million (S$3.14 million) for a product that’s been a decade in the works, despite what he describes as strong interest from some global carmakers. Now, after a series of fruitless investor meetings, he’s heading down the inevitable path: straight to the US.

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Source: The Business Times