We need a set of legislative changes and incentives to encourage investments into R&D and early stage start-ups, so that Australia too can claim a multinational like Nokia, CheckPoint or Google.

There's definitely something to be said for finally having a minister dedicated to the areas or research development and innovation in the Federal Government. And certainly when I met with Senator Kim Carr together with a group of IT industry representatives a few months ago, he's making the right noises regarding the sorts of approaches which would lead to a more innovative economy.

What we need to see now is some action. Specifically we need the government to adopt legislation which encourages what might be termed a "virtuous circle of innovation" within the Australian economy.

We don't need a hand out, and we don't need any extra money. We need a series of approaches which encourage investors to put their money into enterprises which lead to the creation of intellectual property, which can go on to make money in the global economy.