What are the ingredients required for a sustainably innovative, entrepreneurial, and growth-oriented environment? Australia was recently named among the top quartile of G20 countries in which to be an entrepreneur. There were five criteria: access to funding, the country’s “entrepreneurial culture,” the tax and regulatory framework, access to education and training, and the amount of collaboration and support between the private and public sectors. Australia placed fifth, behind the United States, South Korea, Canada, and Japan.
These benchmarks reflect the factors required to engender strong entrepreneurial capacity within a nation and also point to how companies can turn the entrepreneurial capital within their ranks into profitable innovation.
What can we learn from Australia’s high ranking? How can companies make the most of the current environment and foster an innovative, entrepreneurial culture? Must governments take the lead in creating such a culture, or can companies create it themselves?