QLD Innovation Hubs are Creating Competitive Advantages
Guest post: Leanne Kemp, Queensland Chief Entrepreneur
Entrepreneurship is arguably the most fundamental driver of economic value creation, whether it manifests in the form of a new startup, or as a regenerating force within an established company.
As we discover opportunities, and mobilise the resources necessary to exploit them, Queensland entrepreneurs unleash the forces of creative destruction to transform existing industries and create new ones. They serve as arbitragers, capable of bringing markets back into competitive equilibrium.
As global competition becomes increasingly innovation-driven, a vibrant innovation ecosystem can be a critical national or regional competitive advantage.
Queensland is leading and providing an illustration of the necessary elements:
- deliberate alignment with universities and public research labs that not only generate cutting-edge knowledge, but also facilitate commercialisation through licensing or spinoffs
- a prevalence of experienced angel investors and early-stage venture capital firms
- large, dynamic companies that are willing to work with startups by providing corporate venture funding and buying their products and services
- and a diverse culture that tolerates failure.
Critical components to success are policies that help protect intellectual property rights and efficient bankruptcy laws in order to better facilitate serial entrepreneurship. Where critical elements are missing or underdeveloped, government participation in the form of co-funding schemes to stimulate angel investing, and subsidies for incubators and startup accelerator programs may help to fill the gap.
Optimal regulatory frameworks provide entrepreneurs with a level playing field, by protecting new market entrants from unfair, uncompetitive treatment at the hands of better-established incumbents.
In addition, regulatory frameworks that are transparent and potentially business-friendly help ensure that compliance costs are minimised. They must also be sufficiently robust, in order to protect the public with tools such as data privacy laws, financial reporting standards, and intellectual property protection regimes.
Meet and learn from Queensland entrepreneurs at QODE Brisbane.