"... Yes, our finance system lacks sophistication, uhuh... ..."
By lacking sophistication, I mean a system of alternative capital (VC) that fully recognises Startups as a serious way to generate wealth instead of say lending money for property development, mining or agriculture.
"... So call [us] primitive if you like, but look at what your sophistication has brought you ..."
My mistake, I was thinking macroeconomic instead of microeconomic.
You're right, it's yet another aspect of the "Australian invents something, Australia refuses to invest, Australian goes overseas and makes tons of cash" phenomenon.
"By lacking sophistication, I mean a system of alternative capital (VC) that fully recognises Startups as a serious way to generate wealth"
That's definitely changing, e.g Innovation Bay, Startmate, the Sydney Angel Sidecar Fund, and others. VC/Angel investing is not at the same maturity as overseas yet, but it's definitely changing.
By lacking sophistication, I mean a system of alternative capital (VC) that fully recognises Startups as a serious way to generate wealth instead of say lending money for property development, mining or agriculture.
"... So call [us] primitive if you like, but look at what your sophistication has brought you ..."
I'm Australian ~ http://www.flickr.com/photos/bootload/sets/72157601280899273...