AUSTRALIA’S INNOVATION CHALLENGE: 2021 & BEYOND
Phil Ruthven AM - Founder, IBISWorld & Ruthven Institute A ustralia is a remarkably innovative nation. Prior to European settlement in 1788, Indigenous Australians pioneered eco-
It’s a proud past – but what can Australia expect of the future? What challenges will we face in 2020 and beyond? To answer this question, we need to consider several factors with regard to being innovative in an increasingly competitive world: • the changing world order; • our changing mix of industries; • the productivity challenge; • the elements of innovation (the who, what and how); and • the growing importance of intellectual property (IP) for business and economic success. The changing world-order The graph below suggests that the world – con- taining some 230 nations and protectorates – continues to amalgamate into larger cohorts. Over time, as a society and an economy, we have aggregated families (households) into tribes (local government), then into territories (states) and nations. These nations are now federating into eight regions, as highlighted below; and per- haps, as we move into the 22nd century, these
logical sustainability and developed an exten- sive knowledge of native flora and fauna, both of which remain outstanding achievements in the 21st century. Since then, Australians have con- tinued to demonstrate ingenuity in many areas, including science, medicine and manufacturing. The nation’s achievements to date, include 15 Nobel Prize-winning innovations shared among 16 Australian recipients since the Prize was first awarded in 1901 (coincidentally, Australia’s year of Federation).
INNOVATIA
170
INNOVATIA
| Entrepreneurship
171
Powered by FlippingBook