This article first appeared on February 17th, 2012.
I am lucky to live in Australia. However, as we all know, luck eventually runs out.
Australians are lucky that our country has incredibly rich reserves of natural resources.
However, if our country is to remain a sustainable economic powerhouse, we must look forward into the future. What happens in 20, 30 or 40 years when the supply of these resources dwindles due to our record high consumption rates, or when demand from China declines?
We cannot rest on our laurels with an outstretched arm.
We must build, innovate and create.
We must grow the knowledge economy so that we are insured against the inevitable demise of the natural resources boom.
It is up to the people of Australia to create their own luck, not by digging rocks from under the ground, but by using our minds to bring new ideas to life. We must be innovative and build businesses that deliver long lasting value that can be sold globally, just like our resources are.
Rocks are finite. Innovations are not.
The Internet and mobile technology have made such innovations possible. Big technological ideas are far more efficient in terms of speed, scale and capital (let alone more environmentally impact) than mining.
It does not matter that we are on the other side of the world. The internet makes us one big global village.
What’s more, Australia is an amazing test market for businesses with global potential.
So get out there and create your own luck.