Why Australia's innovation metrics tell the wrong story
Australia makes 3.4% of world research on just 0.33% of the population. But metrics miss software and biotech breakthroughs.
The usual way to measure innovation is by counting patents. But this misses where real value is made today.
In software and AI, companies earn money from other things. They use their own data, get experience with government approval, and prove their products work with real patients.
Patents show none of these things. Heidi, a Melbourne AI tool that helps doctors, raised $100 million in funding and was valued at US$465 million.
It helps with over 2 million patient consultations every week in 116 countries.
Why it mattersUnderstanding what makes innovation succeed helps shape better policy and funding for the companies that will create the most value.
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