The Future of Australia

Speech by Rick Holliday-Smith, Chair of ASX, Cochlear and QBiotics

The following is a transcript of comments by Rick Holliday-Smith, at the launch of the Entrepreneurs Guide in Brisbane on 17th May 2018. It contains an incredibly important message for companies and governments - as well as everyone who cares about this great country.

"Good morning ladies and gentlemen, it is my pleasure to join the Queensland Premier, NAB Chairman and fellow ASX director Ken Henry and all of you at the Myriad festival.

Myriad brings together innovators, thought leaders and entrepreneurs from both Australia and across the globe, at what has quickly become one of Australia’s premier technology events.

In addition to ASX, I also have the honour of chairing a couple of other companies with a technology flavour: Cochlear, one of the largest R&D contributors in Australia, and QBiotics, which is focused on the treatment of solid tumour cancers and, I’m pleased to say, based just down the road here in Brisbane.

Supporting entrepreneurs and innovators is at the heart of what ASX does.

Supporting entrepreneurs and innovators is at the heart of what ASX does. We give founders the ability to raise capital to fund their growth on a public market, something that is not always possible for peers in other markets around the world. ASX has been making this a reality for entrepreneurs in one form or another for over 150 years, helping mining explorers become producers, life sciences businesses commercialise, and local tech companies compete on the global stage.

Entrepreneurism is crucial for driving economic growth, building new businesses, attracting a skilled workforce and ensuring Australia stays at the forefront in an ever changing, faster-paced world. I was recently in Israel, leading a delegation of Australian fund managers interested in learning about the so called “Start-up Nation” and the opportunities there. It was a valuable experience.

Israel has successfully utilised its relative regional isolation and lack of natural resources to forge a competitive advantage by being innovative, embracing a ‘try, fail, and start again’ ethos and, most importantly, sharing its experiences with the next generation of entrepreneurs. There are real lessons there for Australia as we seek to build our innovation agenda.

Australia enjoys an economic prosperity that much of the rest of the world envies. We’ve had a-quarter-of-a-century of uninterrupted economic growth, for example. But the flip side of success can be complacency. One of the main things I learnt in Israel is that Israel is a country that cannot afford to be complacent. It is reminded of the need to develop, be disruptive and invest for the future on a daily basis.

...today’s start-ups are the wealth and job creators of tomorrow. They deserve our attention.

I wouldn’t swap living in Australia for anything. And I don’t mind the application of a little healthy pressure to keep us on our toes; to remind us that the economic sunshine won’t last forever; and that today’s start-ups are the wealth and job creators of tomorrow. They deserve our attention.

This is not about trying to pick winners but it is about recognising and encouraging innovation. Australia is well-placed to make the most of this.

So with that in mind, ASX is proud to partner with NAB, and all those who contributed to produce the Entrepreneur’s Guide. We hope that it serves as a resource of practical advice and expertise for those who are considering to become, or already are, entrepreneurs, no matter what stage your business is at. I urge you to read the book, pursue your dreams and share your experiences – both the peaks and pitfalls - with others.

Thank you, and I wish you all the best for your time here at Myriad."

For resources to support startups - from "Is This Even a Good Idea" to full scale commercialisation, see www.pottinger.com/startups