THE OTHER MISSING 96% ON THE ASX
Written on the 21 April 2015 by Laura Daquino
THERE is a 'brain drain' afflicting the Australian economy, and while inroads have been made with our startup ecosystem, StartupAUS says the government still has a lot to answer for.
The journey to a knowledge economy is taking longer than it should for Australia according to the peak industry advocacy body in its second annual Crossroads Report, which details the state of our startup ecosystem.
We need to mine knowledge too
"Our future economy depends on our learning how to mine our knowledge and commercialise that resource, just as much as it depends on finding and extracting oil and gas or mining coal," says Peter Bradd, StartupAUS director and entrepreneur-in-residence at Fusion Labs.
Small business is worlds apart from startups
StartupAUS says the sentiment that Australia is an entrepreneurial nation is flawed, and warns against assuming local startup success stories are commonplace, such as Brisbane-born Wotif and Ezidebit which sold to US companies A$703 million and A$305 million respectively.
Let's turn this around
China, South Korea, the UK and New Zealand have been singled out as showing exemplary investment in their startup sectors, through seed-stage funding allocation, innovation incubators and precincts, and funding programs.