stop complaining and start innovating Australian businesses often blame cheap imports for the difficulties they are experiencing. And, there is little doubt that cheap imports do make it harder for local businesses to compete with overseas businesses. A bigger issue, however, is innovation. The major global innovators in our region are: Korea Hong Kong Singapore […]

stop complaining and start innovating Australian businesses often blame cheap imports for the difficulties they are experiencing. And, there is little doubt that cheap imports do make it harder for local businesses to compete with overseas businesses. A bigger issue, however, is innovation. The major global innovators in our region are: Korea Hong Kong Singapore Australia is ranked 17th in the world in terms of innovation. This is also reflected in venture capital expenditure in 2014 compared with 2008: USA – up 54% South Africa – up 175% Hungary – up 197%   Australia – down 61% Few countries in the world have reduced venture capital investment more than Australia. Of course, innovation has a number of impacts, including: Superior products Cheaper products Maybe this is one on the reasons Australian businesses are being beaten on price. There is no doubt that it is time for Australian businesses to stop complaining…