Is Australian business innovation set to go global?

The market for businesses here in Australia can be particularly competitive at times, so many have to think twice before looking to expand further afield. However, the government has recognised that there are a huge amount of innovative enterprises out there that may need a helping hand to go global.

Anyone starting a business in Australia will perhaps hope that one day, their endeavour will be known around the globe. Achieving that aim may seem like a pipe dream, but turning great innovations into household names simply takes time, resources and investment. It's the latter where the government is set to help.

"Australia needs to turn our great ideas into commercial products to keep up with the global economy," explained now ex-Industry and Science Minister Ian Macfarlane on September 14.

Competitiveness through entrepreneurs

The investment is part of the Entrepreneurs Programme, which aims to cultivate productivity and competitiveness for Australian businesses here at home and overseas. The initiative brings together a raft of resources, as well as business advisors and consultants who can offer advice on how to turn a unique idea into something more sustainable.

"Commercialisation drives business growth and competitiveness while also delivering national economic benefits by helping to ensure that Australia's wealth of intellectual property is more effectively commercialised," Mr Macfarlane said.

A tapestry of products

As would be expected, the number, quality and uniqueness of the projects that have been supported by the government so far are particularly groundbreaking. The most notable include cloud computing platforms, one-of-a-kind ultraviolet filter technology and hospital operating theatre management systems.

So, with the helping hand from the government, are more of Australia's innovative firms going to be reporting positive figures to their accounting firms? Well, while the initiative is still in its early stages, it appears that may be easier to take the seed of an idea and grow it globally in the not too distant future.