On Monday 7 December 2015, Australian Prime Minister, Malcom Turnbull, announced that he would relax personal liability laws for company directors who see their business ventures fail. The scheme is set to cost the Australian government $1.1 billion, and a further $106 million over the next five years in tax credits.
As governments around the world wake up to the importance of encouraging innovation, we take a look at five companies set to make it big in 2016.
Founded by married couple, Alon Cohen and Adi Tatarko, while they were remodeling their home, Houzz recently raised $200 million in VC.
What started as a side-project has quickly grown into a 35 million-strong community of homeowners, all who share the same goal; to make their homes more beautiful. Not only offering inspiration through thousands of photos, it also acts as a network for people looking for advice and those who want to contact service professionals.
Houzz has already launched personalized services in the United Kingdom, Australia, Germany and France - and has plans to expand into a further 15 countries soon.
For people living in major cities, parking can be the bane of their existence. Although there are a number of startups which give parking assistance, Parkifi provides the sensors which allows these companies to tell drivers when a space has become vacant.
It's not just a matter of reducing an annoyance before someone goes to work either. A reduction in circling would decrease traffic incidents, congestion and pollution.
They have now installed over 1000 sensors across the United States - all done since the fall of 2014. Based in Denver, the company raised $2 million in 2015 to fuel growth, which should act as a platform for future success.
If they continue to expand at the same rate, 2016 could be a massive year for Parkifi.
The farming community has embraced technology as a way to cut costs and improve efficiency.
It's now the turn of the Farmers' Market to be rethought through tech. Farmigo is looking to challenge supermarkets by making it easier to buy fresh produce. Their farm-to-neighborhood model has proved viable, reducing waste, supporting local farmers, and most importantly for the consumer, keeping prices down.
By cutting out the middleman - customers pick up their groceries from 'food communities' which are normally schools or government offices - quality produce can reach homes quicker than ever before.
The company has raised $26 million in capital already, so expect more funding, and success, in 2016.
Created by two friends in their 20s, the aptly named startup, TheSkimm, breaks down the world's latest news into a brief newsletter, which sits waiting in your inbox at the start of each day.
The daily newsletter has a unique tone; it's frank and even controversial at times. Yet the company's readership is such that word-of-mouth alone has seen its subscriber base rise to 1.5 million in a relatively short period of time.
The passion that some feel for site is such that there are now 6,000 'Skimm'bassadors' - people who promote the site for free across their networks. On the back of this, the company recently announced a $6.25 million investment.
It's also one of Oprah's favorite sites.
Marketed as the 'the number 1 all-in-one HR platform', Zenefits - unlike the other companies mentioned on this list - has already hit Unicorn status.
The past couple of months, however, have been troublesome for the HR platform. Revenue levels have been lower than expected, and it's been hitting the headlines for having HR problems of its own.
We are still backing it to come back strong in 2016. In 2015 alone it raised $500 million in funding, and with that capital behind it, there's room for the occasional blip.