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READ MOREBill Ferris laments weak business R&D, feds’ innovation cold shoulder
Bill Ferris counts two big letdowns from his three years as the first chairman of the agency Malcolm Turnbull tasked with driving innovation in Australia: Business research and development is getting weaker, not stronger, and the Coalition government shunned innovation when it didn’t play with voters.
The veteran venture capitalist said business spending on R&D had fallen since the global financial crisis to just below 1 per cent of GDP while top nations, including the US, Israel, Korea, Sweden, Japan, Germany and Singapore, had increased theirs to 2 to 3 per cent, and Israel to more than 4 per cent.
Read the full article at the Australian Financial Review.
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