There is a perception that Australia is not top of the pops when it comes to innovation, but in reality, it is a different story.
Commercialising products or services in Australia, like in any other country, can come with its own set of challenges and considerations.
While Australia is a developed and stable economy with a strong business environment, several factors can make commercialisation challenging:
Geographic Isolation: Australia’s geographic isolation can pose challenges for businesses looking to export products or expand internationally.
The distance from major markets in North America, Europe, and Asia can increase shipping costs and logistics challenges.
Small Domestic Market: Australia has a relatively small population compared to some other developed countries.
This can limit the scale of domestic market opportunities for certain products or services.
Regulatory Environment: Australia has strict regulations and compliance requirements in various industries, including healthcare, finance, and food.
Navigating these regulations can be time-consuming and costly.
High Labor Costs: Australia has a high minimum wage and strong labor protections, which can result in higher labor costs for businesses.
This can be a challenge for industries with labor-intensive processes.
Competitive Market: Australia has a competitive business environment, and businesses often face competition from both domestic and international players.
Professor Tim Harcourt from UTS says Australians are famous inventors, and governments are trying to help them reach their export goals. #featured #tgt
