Venture capitalists didn’t mention Australia in their top five countries for technology in any category, according to a June 2008 Deloitte survey of venture capital firms around the world. The survey canvassed 398 venture capitalists (41% from the US, 20% from Asia Pacific, 39% RoW).
Respondents were asked to select the best sources of innovation across a range of technology specialties, including telecommunications, semiconductors, software, biotech, medical devices and alternate/clean energy.
Not surprisingly, the US rated highest in most categories. In medical devices, Germany and the UK rated highly. In clean energy, Germany and the UK again rated highly, as did Canada (which is not a large country). In biopharmaceuticals, Germany rated highly again as did Switzerland. South Korea rated well in telecommunications and Taiwan in semiconductors. South Korea, Taiwan and Switzerland are not huge economies but they obviously are doing something right
What was most surprising and disappointing was Australia didn’t rate in energy.
In clean energy, the current and prior Federal Governments are supposedly throwing big money toward clean coal innovation. What’s been done with it? One definitely would have thought Australia would be leading the world in some facets of clean energy innovation. Australia came up with the first prototype solar hot water heater!
Perhaps the money isn’t enough to keep up with competing nations. The Federal Government’s PR is obviously not getting the message out. Either that or Australia is truly very far behind other countries in innovation. Perhaps Australia is simply too focused on the easy money from digging rocks from the ground and shipping them to other countries. Easy money for now but one day all Australia will have is a bunch of empty holes in the ground.
With a long list of technology innovation such as the Cochlear bionic ear, the black box flight recorder, biodegradable packaging, the Hills Hoist and many others, I expected Australia to rate in the top five in something.
Our nation’s leaders need to wake up – Australian is simply not rated highly on technology innovation.
That’s bad news because technology innovation is a great source of exports and productivity gains, both of which are vital to a vibrant economy over the long haul.
Cheers
Tom the money man
Tags: Australia, innovation, technology
June 9, 2008 at 9:07 am |
I think you should you should compare Australia to countries with nearly the same GDP and not with countries like the US. What do you think is the reason for the lack of innovation in your country?
June 9, 2008 at 11:43 pm |
Hi, thank you for your comment. South Korea, Taiwan and Canada are closer to Australia’s GDP yet they rated highly in some technology areas.
I don’t have an answer on why Australia didn’t rate but I think its failed to focus on its particular strengths. Energy should be an area for innovation. There is a lot of sunshine in Australia, plenty of wave energy, and lots of incentive to develop clean coal technology.
I only hope to get people aware so that perhaps Australia can focus and rank more highly with global VC’s.
There actually is a lot of innovation here but more needs to be done.