It’s Time to Future-proof
Australian entrepreneurship
The Australian economy is at an interesting
period of transition.
Announcements of job cuts at Qantas, closure
of both Holden and Toyota’s Australian
plants, and SPC Ardmona’s call for help have
all put serious dents in the validity of our
manufacturing (and economic) future.
Renata Cooper
the SME sector in Australia employing 70% of the
workforce, it is crucial for the country to sustain
and grow the entrepreneurial community.
While the spirit of entrepreneurship and
innovation is alive and well in Australia, some
fundamental changes are needed to the system to
ensure ideas fuel future growth.
The slow extinction of mining, which has been Innovation vs success: Australian
fuelling recent growth, adds another dimension entrepreneurship is ranked high globally with 2011
to the economic outlook.
Global Entrepreneurship Monitor (GEM) placing
us second behind the US. However, we rank 20th
PricewaterhouseCoopers (PwC) recently noted in the OECD in terms of patents per capita, which
that Australia’s economy is likely to fall out of
accounts for less than 0.8 per cent of the world’s
the world’s top 20 by 2050. Looking at where
patents. Given the low long-term success rates
growth will come from in the next 20 years,
of most businesses, definite steps need to be
Deloitte have predicted gas, agribusiness,
taken to foster entrepreneurs and innovation at a
tourism, international education and wealth
fundamental level.
management will step up to fill the gap left
behind by mining.
Mentorship, increased government involvement,
more support from banks and other financial
Economists believe that entrepreneurship
institutions will all help the long-term
and diversified spread of sectors will be key to co