Entrepreneurship : industry policy priorities and entrepreneurial education in Australia

Four fields of national policy - general economic policy, industry policy, education policy and specific research and development policy - are strongly interrelated. Unfortunately, in Australia, policy makers in the four fields have not recognized that the discipline of Entrepreneurship - with its emphasis on managing the innovation process - holds the key to effective co-ordination between the four vital policy areas. The paper argues that innovation strategy, not cost reduction or research expenditure, is the key to developing successful, export-oriented products and world competitiveness. Viable innovation strategy depends on the relationship between government, capital availability, development capital and industrial developers. In turn, this relationship requires a cadre of entrepreneurial business managers educated not in the 'traditional' MBA mainstream but in the discipline of Entrepreneurship, specifically focused on learning the practical skills involved in venture evaluation and management of the innovation process. The paper concludes by describing the philosophy and performance of Swinburne University of Technology's School of Innovation and Enterprise, a school at the forefront of entrepreneurial education in Australia and thus a school with important implications for the nation's industry policy priorities.