Former assistant minister for innovation Wyatt Roy has landed himself a new gig, as an independent director at H2Ocean, a proposed publicly listed venture capital fund that will be investing in financial services technologies. The fund is being launched by the founders of H2 Ventures, Ben and Toby Heap, and Roy is one of three directors, alongside TV presenter David Koch and Beyond Bank chair Anne O’Donnell. It’s Roy’s first gig since losing the seat of Longman to Labor’s Susan Lamb on July 2, and the H2Ocean prospectus says that he will receive $60,000 a year for the job, as well as holding 10,000 shares. Founder Ben Heap told StartUpSmart that Roy’s youth is a strength: “Diversity is really important with what we’re trying to do with H2Ocean, and that includes age diversity. He is someone who knows the challenges, experiences and ambitions of millennial-style innovators, founders and entrepreneurs.”
The ex-MP told StartUpSmart:
“If you look at the tech disruption or increased competition in the financial technology space we’re seeing an incredible opportunity to give customers and consumers a better experience and better outcome, and Australia is well placed to do this … H2Ocean represents an exciting and new opportunity to play a role in that space. This opens up the alternative investment space for retail investors and that predominantly hasn’t been the case today.”
Clearly Roy will bring one of the most important tools in a pollie’s arsenal — talking bullshit — to the start-up world.