Accepting failure to change Australia

As an example, Marshall pointed to a new product called Futurefeed that can reduce the impact of emissions from cattle farming.

“[Future Feed] Emissions can be literally eliminated. Random distribution without much control can easily reduce cattle emissions by 80 to 90 percent, so science solves seemingly impossible problems,” he said.

“Suddenly, politics is gone. No more fights. No one’s fault.

Marshall said products like Future Feed and plant-based meat substitute V2 foods are coming out of Australia and surprising Silicon Valley and others. But they need continued support if the value is to stay in Australia.

“We can. Science can create the economic pillars we need to replace what we are likely to lose in the fossil industry,” he said.

“When you dig it out of the ground, it can eventually run dry.

Interstate competition isn’t a bad thing

At the state level, governments have needed to work closely together through the pandemic, but also to have a new perspective on their own sovereign capacity and capacity.

“Sometimes, especially things like a pandemic, you suddenly find yourself in a ‘don’t have’ space. We don’t have this vaccine and we don’t have the capacity to make it,” said James of Monash University Professor Wistock said.

“It’s all about striking the right balance. We want to make sure we invest in things that are accessible to most people in the country.”

Gabriel Upton, parliamentary secretary for the Premier of New South Wales, said COVID has highlighted the importance of sovereign capacity and how important the translation and commercialization of research is to the economy.

“NSW will not build capacity on all technologies, but where there is a need for sovereign capacity to be competitive and create new jobs and future industries,” she said. rice field.

Amanda Caples, Chief Scientist of the Victorian Government, said all states are working together to solve problems during COVID-19 and that spirit will continue. But competition was also an important part of driving the economy, with the two states competing in health and medical research, mRNA, for example.

“When competition is healthy, it usually leads to greater profits because it increases awareness of the importance of investing in science, technology and innovation,” she said.

“Looking at how Australia has been able to come together as a result of the pandemic shows that everyone has different pieces of the puzzle. Otherwise, I think we would have been poor in that regard.”

Our innovation capacity is immense

South Australia is home to the country’s space agency, which includes ensuring Australia’s sovereign defense capabilities in space.

But Defense SA CEO Richard Price said there is a danger in focusing too much on a particular product or development capability.

“It is dangerous to base the future on the current situation. To me, the sovereign capacity is an ecosystem of people who can do something different, react quickly to what will pop up tomorrow, be agile and transform. ,” he said.

“And that requires investment in a wide range of different research areas, but also industrial capacity. Because all I can say is, whatever plans we have today, it’s not going to happen in 20 years. .”

Wisstock pointed to the ongoing European conflict as an example of why the Australian space industry has proven so important.

“One individual, Elon Musk, switched on a number of his company’s satellites over Ukraine, completely revolutionizing the country’s communications capabilities in the context of the war,” he said.

“It’s a pretty uncomfortable environment, a space, to have the infrastructure to not only move things there, but also build things that go there. That’s really important. It’s going to be the playing field of the future.”

Structural reform is necessary for startups to shine

The pandemic has been particularly disruptive for start-ups, but it may also have deepened the gender gap.

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“The woman who started the company has had to shoulder the additional burden that the pandemic has brought to her home,” said Rachel Neumann, co-founder of Flying Fox Ventures.

And that’s just an additional barrier to the existing structural problems that keep women from becoming investors and founders.

In Australia, only about 3% of investment is in women-founded businesses, but in Victoria the number is about 12%, she said.

“Because of equity investments under the Companies Act, many of these early-stage start-ups require qualification as sophisticated investors to become investors. It puts us at an unfair disadvantage to fulfill,” Neumann said.

“And we can look at how we can get more women through educational pathways that are most likely to lead to startups, but at some point they will need childcare. Childcare is in short supply at all levels.

“All the data shows that a diverse portfolio yields better results and needs to be improved. A diverse investment team yields better results.”

Blackbird Ventures partner Niki Scevak said it is the responsibility of all investment firms to ensure that the people investing their money reflect society.

“There are signs of optimism. In dollar terms, you can expect a lot of late-stage companies that started 10 years ago to reflect what the world was like 10 years ago,” he said. said.

“When you measure companies that have just started raising seed rounds, they are much healthier.”

learn to love failure

Aconex founder Leigh Jasper said the business and financial communities need to get used to failure if Australia is to produce more successful start-ups.

“The best startups are trying to do something remarkable, but some people get it wrong.

“Some people have the wrong vision, others are 10 years too early. I think it’s a way of telling a story of failure,” he said.

“In the US and Israel, when a startup fails, it’s a big change because you’ve learned something.

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