US$91.6 Billion in South Korea and US$23.3 billion in Australia South Korea spends US$91.6 billion (4.29% of GDP) on research and development. By contrast, Australia spends just US$23 billion (2.12% of GDP) on research and development. Is it any wonder that South Korea leads the world in the development of innovative products, and the once […]

US$91.6 Billion in South Korea and US$23.3 billion in AustraliaSouth Korea spends US$91.6 billion (4.29% of GDP) on research and development. By contrast, Australia spends just US$23 billion (2.12% of GDP) on research and development. Is it any wonder that South Korea leads the world in the development of innovative products, and the once inventive Australia is rapidly becoming a laggard in this regard? While Australia was once known for its innovative products, such as the Hills Hoist, Victor lawn mower, Jindalee Radar and Wi-Fi. However, recent innovations have been fewer and farther between. This reputation is in decline and is possibly a reflection of low investment in R&D.Perhaps the most effective means of differentiating a product is through innovation driven by a commitment to research and development. Some of the greatest businesses on the planet were built on such innovation, including Apple (iPod, iPhone and iTunes), Google (superior search…