The challenge for investors of innovative ideas is to overcome a fear of failure, a US-led roundtable at QUT in Brisbane was told today.
QUT's Room three-sixty hosted 200 people for the US Ambassador's Innovation Roundtable which included some of Australia's best innovative thinkers, start-up entrepreneurs and leading academics on technology.
US Ambassador John Berry said the future relationship between the US and Australia needed to be built on innovative concepts and strong business links.
"If we want to solve some of the world's greatest problems we have to look beyond borders," Ambassador Berry said.
"We must leave the world a better place than we found it."
He also highlighted the role government played in funding basic research and the ties required between universities and industries.
"It is up to governments to fund research and the trade-off comes when the corporate sector ratchets up the investment," he said.
Acting Vice-Chancellor Carol Dickenson welcomed the delegates to QUT and emphasised the need to foster innovation to inspire success among students, particularly in STEM (Science, Technology, Engineering and Mathmetics) areas.
"Change, adapt, be competitive and invest in STEM for successful collaborations," she said.
In his opening address, Queensland Governor Paul de Jersey said the roundtable was an excellent opportunity to consider case studies of what was already happening in terms of collaborative innovation between the US and Australia.
"Rebuilding and strengthening our knowledge infrastructure has become a priority for Australia, particularly in those STEM areas.
"They are subjects in which our students need to develop skills and confidence, if they are to have an adequate 'tool box' to implement their clever ideas and ultimately commercialise them."
The event showcased a series of panel discussions involving US and Queensland Innovation Success stories, challenges to promoting investments across borders and identifying future opportunities for entrepreneurs, start-ups and advanced technology.
QUT's Bluebox program was designed specifically to develop and protect innovative intellectual property created at the university with a goal to take ideas to the market.
Bluebox Chief Executive Officer Michael Finney moderated a panel discussion that heard engineering was a product that made the economy roll.
Panellist and former Queensland Chief Scientist Peter Andrews said many top engineers were also skilled businessmen who were appointed to high-ranking positions in leading corporations.
A new Brisbane-based venture that uses the software skills of former QUT students has seen some success in the US.
Wayne Gerard was a co-founder of RedEye Apps which has just opened an office in Houston, Texas.
He said the RedEye start up would never have got off the ground if it hadn't got investment from a major mining company.
"I didn't take a course to become an entrepreneur," he said.
"We need to build case studies of successful start-ups in Brisbane by creating a successful eco-system to support that system.
"We are not asking for hand-outs we are asking for clients."
QUT's Director of the Australian Research Council Centre of Excellence in Robotic Vision Peter Corke told the panel on advanced technology during his career he had ten patents and two have gone into a product which gave him a "real blast."
"The Americans are really nice people but they are no smarter than us," Professor Corke said.
"If we just write papers we've failed.
"We need to create an experience to drive entrepreneurship in our researchers."
The Ambassador's Innovation Roundtable was staged a month prior to Brisbane hosting the G20 world leaders' summit.
The panellists agreed it was a unique opportunity not only to showcase the city to the world but to forge key international business and research partnerships.
Chief Executive of Life Sciences Queensland Mario Pennisi told the roundtable discussion it was essential political leaders took the chance to discuss ground-breaking ideas and opportunities.
"Innovation needs to be on the agenda for the G20," he said.
16 October, 2014.
Media contacts:
Debra Nowland, QUT media officer (Tue/Wed/Thur), 07 3138 1150 or media@qut.edu.au or Rose Trapnell, QUT media team leader, 07 3138 2361 or 0407 585 901.
