“Two roads diverged in a wood, and I—I took the one less traveled by”, Robert Frost.
Few start the journey down the dusty, untraveled road, but very few continue. I think many usually stop when they realize there is no particular city, town, or village to get to, and that ultimately there was no particular destination to reach.
Staying on the less-travelled road means to stay the course no matter what the weather. It requires diligence, discipline, planning and that too day in day out. To use the analogy, there is very few petrol stations, usually no copilot, scenic views to aid or assist the journey. Like some parts of the Hume Highway, it’s flat but sometimes winding and always requires tenacity to travel on it.
While this journey requires individual affirmations to get it started, and to continue it in many ways, what does matter are the people you meet with, the places you go to, the ideas you come across, and the overall language around you. Where you find yourself can make all the difference in the journey and the continued outcomes of the journey. To some degree, then, the environment you are in will always have an impact on the journey.
I was recently in Dubai and frequently met with Australian colleagues, clients, and friends, some of whom moved to the United Arab Emirates (UAE) through the assistance of our firm. Many Australians love the entrepreneurial spirit of the UAE and the clear national vision the Country has on various milestones. This is seen in the affirmations that the UAE Government continually makes, which may have begun with the catchphrase “UAE Vision 2021′ during a Cabinet meeting in 2010. Since then, those affirmations and plans that follow have continued, which include the “UAE Centennial Plan 2071” and the “Principles of the 50 – it is a well-laid-out out clear vision for the UAE.
I was speaking to a number of Australian professionals recently at the Lakes, hosted by the Australian Business Council in Dubai. While we chatted about the footy and the recent election results, very few said that they would go back to Australia anytime soon, despite originally planning to after a few years. And those who were choosing to come back to Australia were coming back after many years, but only to settle – most of them seemed to be dragging their feet on the move back. Interestingly, I did not meet anyone who was looking to come back to Australia with a mission to create a new enterprise, grow, or expand in their professional life. As I sat in the taxi to my next meeting, I wondered what the reason was for that. Are overseas Australians, who are our brand ambassadors, disengaging with brand Australia?
I love everything about Australia: we are laid back, we wear our hearts on our sleeves, we are comrades, and overall, compassionate. But, with our focus on the balance of life and taking it easy, how do we create an atmosphere at home that is supportive of resilience and that cheers on the idea of taking the less-travelled road? It’s a difficult question to answer, the answer could lie in keeping what we love and, at the same time, perhaps taking a slightly different approach.
Australia has a combination of natural advantages, prudent economic management, and a forward-thinking approach to development. No one can deny that. However, how does Australia track when it comes to innovation, creativity, and entrepreneurship? Well, it has struggled to ascend the Global Innovation Index (GII). From 2017 to 2024, Australia’s movement in these rankings has been largely stagnant. In 2024, the country ranked 23rd out of 133 economies, moving up only one place in 2023. In late 2024, the Australia Innovation Management Institute (AIMI) stated that the following factors were identified in Australia lagging behind in innovation:
- Underinvestment in R&D.
- Fragmented Policy and Support Mechanisms;
- Declining Venture Capital and Early-Stage Funding;
- Shortages of talent in Key Areas, including restrictive immigration policies;
- Sluggish Digital Transformation and Adoption; and
- Poor Global Perception and Innovation Identity.
While there is a lot that can be said about each point above, I largely agree with AIMI. Australia lacks long-term and cohesive innovative policies that can drive a culture of domestic creativity. While there seem to be some government grants and programmes that are supportive to innovation, they are often fragmented and subject to short-term political cycles. Further, we don’t seem to have an identifiable brand that attracts innovation and a clear immigration policy alongside that brand that supports bringing in talent into Australia. The UAE, on the other hand, is very clear on its direction on innovation and celebrates those who are out-of-the-box thinkers. I think we may have some work to do in Australia.
As published in the Australian Financial Review recently, well before Trump’s tariff war, the Reserve Bank forecasts pointed to Australia’s economic growth rate picking up modestly to 2.4 per cent by the end of 2025 before easing back to not much above 2 per cent. The signs of the time are low productivity and a low economic growth outlook by past standards.
While we may have work to do, Australia remains the “Lucky Country” and still finds itself in a stable position despite the various global events. We cannot overlook that the World has changed, and Australia must be brave enough to take a new approach to innovation by creating an atmosphere where innovation and success are celebrated. In the meantime, I say with a sense of urgency and excitement, that the Australian private must continue to ask for what it wants – a new and clear, unified National strategy on innovation.
With the incumbent Government being reelected with a majority, the coming year could be a great opportunity for a new brand of Australia to emerge.
What I will say to my fellow Australians is: take the untraveled road, we need more of you on our team, and let’s work together to create momentum to see the change we want back home.
Footnotes available upon request.
