SmartCompany’s big idea

While the 2020 summit addressed tax reform, infrastructure and productivity gains, there was no talk about how we build tomorrow’s businesses, create tomorrow’s jobs. AMANDA GOME

By Amanda Gome

There is a lot on the nation’s to-do list after the 2020 Rudd vision fest held on the weekend. But one major issue did not make it on to the agenda. And in retrospect, it is a glaring omission. It can be summed up in a few words: Creating the nation’s future wealth.

While the summit addressed tax reform, infrastructure and productivity gains, there was no talk about how we build tomorrow’s big businesses, create tomorrow’s jobs and ensure that innovation is at the top of the agenda.

Instead there was a lot of talk about the distribution of wealth – who gets what, the distribution between federal and states, and fixing the problems of today. 

But no talk on where future wealth will come from. What are the industries of the future? How do we develop a nation and industries to capture those opportunities? How do we develop the vision for the next century, not problem solve for the next 12 years?

Why is it so important? Australia has a plethora of start-ups and small businesses, only a tiny minority ever get beyond six employees. Less than 5% ever get beyond 20 employees. There are a massive number of home businesses, contractors and consultants.

How do go about building entrepreneurial capacity to maximise their contribution? How do we look into the future, see the opportunities and then ensure that aspirational entrepreneurs and the small businesses of today build the big industries and businesses of the future? How do we make sure that Australia takes a global, futuristic, proactive approach, not a more nationalist, narrow and reactive one?

So here is SmartCompany’s big idea.

Let’s look to the future. What are the top billion dollar industries? How do we then capture those opportunities to ensure that the many start-ups and small businesses can respond to the demand?

We have already started working on our big idea – starting with a roundtable to identify the one billion dollar industries and to develop an action plan to be held in Melbourne, chaired by Terry Cutler (who leads the Federal Government’s Review of the National Innovation System) in May.

We will be looking for SmartCompany input so stay tuned.

What do you think? Got a better idea for business? Did small business miss out? Have your say. Email feedback@smartcompany.com.au