Money Small Business Lack of entrepreneurs costing us

Lack of entrepreneurs costing us

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The nation’s outgoing chief scientist has echoed the prime minister’s call for Australia to pick up its game when it comes to turning research and ideas into business opportunities.

A report released on Friday says entrepreneurship is key to creating an innovation-led economy that can capitalise on Australia’s investment in research and skills.

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“To be a more innovative country we need to encourage an entrepreneurial mindset at every level of education, starting in schools, continuing in higher study and enduring throughout working lives,” Professor Ian Chubb said of the Boosting High-Impact Entrepreneurship in Australia report.

“Australians aren’t short of talent but we need to get better at turning our creativity into successful products and services,” Professor Chubb said.

The report found that although Australia has one of the highest rates of business creation in the world, it has been slow to embrace entrepreneurship as a driver of economic growth and few businesses grow beyond the local level.

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