Entrepreneurial activity is an essential element of a vibrant economy. It is widely regarded as a determinant of economic growth, and a contributor towards long-term better living standards through the introduction of new and commercially viable ways of producing goods and services. The future economy needs more entrepreneurs; basically, more people with novel ideas, and who are attuned to discovering new ways of providing economic value both for Australians and those abroad. 

This same economy needs the diversification that economic entrepreneurship can provide to facilitate new industries and provide future generations with both interesting and satisfying careers. Future governments will need robust private sector activity to provide a revenue base, but that is secondary to the ultimate motivation of elevating entrepreneurship as an exciting pathway for individualised means of accomplishment and flourishing. 

This policy paper positions its inquiry into the condition of Australian entrepreneurship from an intergenerational perspective. To be clear, this positioning is not limited to what is sometimes described as ‘intergenerational’ (or ‘transgenerational’) entrepreneurship — which pertains to entrepreneurial activity across successive generations. The concern here is regarding the continuance of and, indeed, increasing entrepreneurial prevalence over time, and by whomever wishes to partake in entrepreneurial conduct. 

The paper provide a statistical overview of trends in Australian youth entrepreneurialism including, where available, trends over time and international comparisons. It also discusses key policy principles that are identified as having the potential to increase future entrepreneurship rates in Australia.