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International prosperity index sees Australia plummet to #15 for entrepreneurship and innovation

October 29, 2009 | By Paul Ryan

This year’s Legatum Prosperity Index has been released, delivering mixed results for Australia with respect to our international competitiveness.

2009legatumprosperityindexreportpdf powered by google docs 1256774173986 International prosperity index sees Australia plummet to #15 for entrepreneurship and innovationThe Prosperity Index, dubbed the world’s only global assessment of wealth and wellbeing, ranked Australia in the top 10 for categories including economic fundamentals, democratic institutions, education, health, safety and security, personal freedom, governance and social. However, Australia fell to 15th place for entrepreneurship and innovation (page 26 of the report). Despite recent economic woes, the US and UK took the top two spots in that category.

According to the Legatum website, “… unlike other studies that rank countries by actual levels of wealth, life satisfaction or development, the Prosperity Index produces rankings based upon the very foundations of prosperity – those factors that help drive economic growth and produce happy citizens over the long term.”

As we’ve written about before, past economic downturns have proved fertile times for innovative companies that were prepared to commit resources to R&D and growth while competitors bunker down to ride out the storm.

The past 18 months has been the right time to start a new business. So the real question the Prosperity Index raises for Australia’s private sector is: Have we been sufficiently bold during the GFC to secure future prosperity in a competitive global economy?

2009legatumprosperityindexreport International prosperity index sees Australia plummet to #15 for entrepreneurship and innovation

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  • http://peterwilliams97.blogspot.com/ Peter Williams

    Australia’s safety and solid education system would seem to make it well-suited to innovation.

    However business is dominated by commodities, a few big banks and a few other big companies. I guess that what led to the low innovation rating.

    [Reply]

  • Trevor

    doesnt surprise me one bit… especially when i suggest solutions to it & give a reasoned rational argument about why australia’s approach to innovation & supporting entrepreneurs has been all wrong for so long… and what i get is the same decades old stupid argument of “…oh right & who’s gonna pay for it…” (or some other equally BS argument), as if it wasnt entirely clear to anyone with half a brain as to how to get it to pay for itself.

    …hurry up australia… decide you want to support people like me or you will lose me too… i am heading overseas & taking my projects with me at the first chance i get ;-P ( …i think i should finish that with “you bastards” LOL …just kidding… i still love australia, but i just dont think it has a clue how to deal with people like me )

    [Reply]

  • http://www.eliminator.net.au Martin McDonald

    You took the words right out of my mouth Trevor, I to am a budding entrepreneur, but no one give me a chance.
    I have invented a sports/trade glove with a patent and trade mark and have a number ready to go but Gov will not help me out. http://www.eliminator.net.au.

    I also write movie scripts that can change Hollywood around but Chump’s in Australia want to rip me off along with computer games and even a Sporting Chant rather than the OZI OZI Oi Oi nonsense. Get a real Chant you so called Aussies and stop jumping on the English band wagon if I recall growing up Oi boys are from England. Or put some lyrics in the chants.

    Oh yes and some anti Slogans for the entire big boy’s, here is one for you.

    Advance Australia……..
    We help the BLUGGER
    Not the BATTLER

    [Reply]

    Trevor Reply:

    yes i think the attitude seems to be that if you arent actually currently starving or with both your legs blown off, then you dont have any real problems… people love to give to a charity that makes them feel better, but they dont want to contribute to helping their own, and many people cant seem to comprehend that some of us havent had the financial stability they take for granted… on top of this, the problem is compounded by people who actually believe that there is some kind of correlation between income & brains, and so they assume that if you had an idea that was worth anything, then you wouldnt be struggling financially.
    at least you have your patenting done, i cant even afford that… which means i cant even talk to anyone about my inventions without risking being ripped off.

    [Reply]

  • http://www.eliminator.net.au Martin McDonald

    I will give you an insight to how backward I feel Aussies are.

    When was the last time you went to an Australian restaurant???

    Go ahead give me a place which we have innovated in this area.

    Other than The Black Stump or Red Rooster.

    [Reply]

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