NOWHERE TO GO BUT UP FOR AUSTRALIA
DESPITE the Federal Government sinking tens of billions into programs to help entrepreneurs turn their innovations into marketable products Australia is at the “absolute bottom”, according to National Australia Bank chairman Ken Henry.
Speaking at the official opening of Myriad Festival in Brisbane yesterday Mr Henry said that despite favourable conditions for entrepreneurship like a strong base of domestic talent, access to funds, world class universities and best in class researchers Australia lags behind other developed countries.
“We rank last in the industrial world, in the developed world in respect of the commercialisation of research, we are absolute bottom,” he said.
“In the last two years Australia has slipped from 17 to 23 in the global innovation index.
“Venture capital investment as proportion of gross domestic product in Australia is less than half the OECD average, something is not right here.”
Mr Henry was joined by ASX Chairman Rick HollidaySmith and Innovation Minister Kate Jones to ring the Australian Stock Exchange bell. Ms Jones said it was fitting to have the ASX bell at the Myriad festival as it was every start-up’s dream to ring it and mark the listing of their company.