“China is Australia's largest trading partner, eclipsing our second and third largest trading partners, the US and Japan combined. China is rapidly shifting its global role from imitator to innovator and has filed the most domestic patent applications of any country since 2011. China is fast becoming a leading investor in innovation, with leading research universities, modern science and technology parks, and innovative start-ups. Chinese companies, which are investing more and more in R&D, are demonstrating a growing concern for IP rights. In China there are 17 million designers, 15 thousand design organisations, 50 thousand consumer products designed per year with a 10% success rate and 5 million start-ups.
It would be a grave error of the Australian innovation community to underestimate the impact of this swift rise and its scale when other nations sure aren't doing so.
The opportunity for Australia is awesome! We have a tremendous opportunity to develop the Australian innovation ecosystem by getting our engagement with China right but we currently lack the human capital in Australia with the skills, networks and confidence to work collaboratively with China. We have too few China-skilled young innovators and emerging leaders coming through the talent pipeline to fully populate this ecosystem. To develop any ecosystem, one must have a sense of the future conditions it will take place within. China will soon be the world’s largest economy and a leader in innovation and innovation investment. Any discussion of the future of Australia's innovation ecosystem, the policies which underpin it and how we develop entrepreneurs and innovators of the future must involve active mobilisation of the China opportunity. ”