Pyne flags tax changes to help start-ups

Christopher Pyne recently revealed he was told to release his inner revolutionary when Malcolm Turnbull appointed him the minister responsible for innovation.

Now, following the prime minister's advice, he's "running amok", flagging "significant tax changes" to help support start-ups.

"It's been released," Mr Pyne told reporters in Canberra on Tuesday as he announced the appointment of Bill Ferris as the chairman of Innovation Australia.

Australia's first venture capitalist will head the independent body advising the government on its innovation agenda.

Mr Ferris comes to the position with successes, but also "a lot of scar tissue" as well.

The business school of hard knocks has taught him you learn more from your failures than most people do from their successes.

And it's a fear of failure in Australia that he wants to change.

Australians too often focus on the "fear of failure as opposed to the excitement of gain", Mr Ferris said.

He also wants the government to consider changes to the nation's tough insolvency laws.

"It is one of those nuanced things that we need to look at because we need those helps at the start-up end," he said, referencing US laws which put the focus on the company's responsibility rather than individuals.

Mr Pyne is preparing to release the government's innovation statement, expected to include changes to tax breaks, next month.

"You can assume that there will be significant tax changes and corporate law changes that will encourage the kinds of behaviour that we are looking for the business community to get involved in," he told reporters.

The industry minister said the national innovation and science agenda would also address raising of capital, the commercialisation of research and work to bring talent back to Australia.

He cited the presence of 20,000 Australians in Silicon Valley.

"We want people to go overseas and improve their skills but we also want them to come back".

Mr Pyne refused to confirm whether the government would return funding cuts to the CSIRO in the statement.