NewsBite

Opinion

Paul Bassat

Australia is not prepared for a future of global disruptors

We will have to be the best in the world at what we do if we are to survive the AI era. There are cases for optimism and pessimism.

In business, there is nothing more exciting than a talented group of founders with a shared vision who succeed in building a business that has enormous impact. Disruption is a powerful force that positively impacts society. Innovative companies are making an incredible contribution to society by saving lives, providing solutions to some of our society’s most pressing problems or offering products and services that provide great utility. Those societies that innovate will reap the benefits whilst there will be significant headwinds for countries that don’t embrace innovation.

Historically, innovation has been built upon a specific technological development, such as the invention of the printing press, steam engine or electricity. In our era, the primary form of innovation is via software-enabled business models that are immediately accessible to the entire world via the ubiquity of the Internet. Much of this innovation is being generated by venture capital backed start-ups, founded by visionary entrepreneurs with the self-belief and capability to transform their ideas into important businesses.

Loading...
Paul Bassat is co-founder and partner in Square Peg Capital.

Read More

Latest In Technology

Fetching latest articles

Most Viewed In Technology

    Original URL: https://www.afr.com/technology/australia-is-not-prepared-for-a-future-of-global-disruptors-20191014-p530ib