Even though there is an increasing interest in entrepreneurship in Australia, entrepreneurial activity still seems to be a bit sluggish. A report called Innovating Australia from the Committee for Economic Development in Australia (CEDA) was highlighted this week by the National Dialogue for Entrepreneurship that makes some recommendations on how to fix this perplexing problem.
“(T)he overall economy remains highly dependent on resource-based commodities, and performs poorly in key measures of innovation (R&D spending, patenting activity, etc.). So, what to do? CEDA recommends that government agencies support more aggressive public and private investment in leading sectors like biotechnology, nanotechnology, and IT. Creating a true Australian innovation system will complement the many competitive advantages that already exist for the nation?s economy. “
I hope that rather than take this central planning approach, Australians look to the most probable causes: too much government regulation and an overly socialistic political system. Both of these are major impediments to creating an entrepreneurial economy. To their credit, the Aussie’s have an outstanding record for educating entrepreneurs, so they do have that much already in place. The strength of organizations such as SEAANZ are helping in their educational efforts.
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