The Global Entrepreneurship Summit: Insights from Sydney’s International Small Business Conference
Speech Given by: Hon. Bruce Billson, Ombudsman, Australian Small Business and Family Enterprise Ombudsman, Australia.
Article Written by: Dr. Ayman ElTarabishy, President & CEO, ICSB
When Crisis Becomes Opportunity: The Unexpected Entrepreneurs
In the bustling conference halls of Sydney, a remarkable gathering of minds recently convened to explore the ever-evolving landscape of small business and entrepreneurship. What emerged was not just another academic conference, but a profound exploration of how ordinary people become extraordinary problem-solvers when faced with unexpected challenges.
The opening keynote set the tone perfectly. Cameron McKenzie, described as an “unexpected entrepreneur” who became an “unexpected scholar,” shared his journey from managing construction waste to innovating in the circular economy. His story epitomizes a central theme that would echo throughout the conference: entrepreneurs are fundamentally problem solvers who turn challenges into opportunities.
McKenzie’s pivotal moment came when China closed its doors to waste streams, a crisis that could have ended his business. Instead, he applied human-centered design principles to transform this setback into a breakthrough. His emphasis on execution over endless planning resonated deeply: “Yes, they need technology, they need capability, but social connection and partnerships were such a key part of his story.”
One of the most compelling presentations came from Hon. Bruce Billson, Ombudsman, Australian Small Business and Family Enterprise Ombudsman, Australia. His presentation masterfully demonstrated how research and data could be deployed not just for insights but for meaningful policy initiatives.
The power of his approach lay in making abstract statistics tangible and actionable. By combining colorful storytelling with compelling data, he illustrated how government advocacy could move beyond rhetoric to create real change for small business owners across the nation.
The Human Cost of Failure: Rethinking Risk and Resilience
Dr. Jungwha Han, Chairman of the Korea Entrepreneurship Foundation, Republic of Korea, brought a sobering perspective to the discussion of government support programs. While acknowledging the critical role of government in fostering entrepreneurship, he highlighted the moral hazards of “picking winners” a practice that can distort markets and create unfair advantages.
The most profound insight emerged around the concept of reducing the cost of failure. As the conference moderator noted, “The entrepreneur is a person, a human at the end of the day. And if an entrepreneurial setback is not to see that person lose to enterprise, we need to think about the cost at a personal level and a financial level to failure.”
This human-centered approach to entrepreneurship policy represents a significant shift from traditional models of entrepreneurship policy. Rather than focusing solely on supporting winners, the emphasis shifts toward creating systems that enable “failing fast” and learning from setbacks without compromising the individual’s capacity for future endeavors.
Navigating Perpetual White Water: The Financing Challenge
Dr. Ruben Ascua, Rector of Universidad Nacional de Rafaela, Argentina, used Dr. Tarabishy’s topic of “perpetual white water,” which perfectly captured the relentless challenges facing small entrepreneurs. His analysis revealed a fundamental mismatch between traditional financing approaches and the realities of small business operations. The core issue lies in asymmetric information and misaligned expectations. Traditional financiers operate within established frameworks of risk assessment, warranties, and obligations that often don’t align with the fluid and adaptive nature of small enterprises. This creates a gap that policymakers and financial institutions need to address.
Rubin’s concept of small firms as “socio-economic institutions” was particularly striking. These businesses don’t just contribute economically – they transform places into communities. The phrase “small business takes a place and turns it into a community” captures something essential about the role of entrepreneurship in the social fabric.
Global Best Practices: Lessons from the Trenches
The international perspective brought invaluable insights from practitioners who had weathered multiple economic storms. Elton Chiu, CEO of Kiddie’s Paradise in Taiwan, recognized that his father’s advice, delivered after years of navigating turbulent business conditions, was deceptively simple: “Back yourself” and “make your product or service a necessity.”
This wisdom emerged from the lived experience of what Elton described as “rolling crisis”, facing unexpected challenges every two to three years. His strategy of using social media for storytelling represents a modern approach to the age-old challenge of building customer relationships and market presence.
From Germany came insights into balancing entrepreneurship with bureaucratic efficiency. Dr. Reinhard Schulte from Leuphana University shared how German support programs combine direct funding with institutional support, including innovative programs such as exit subsidies for students and researchers, as well as gov-innovation initiatives for technology uptake and innovation.
The Program Design Imperative: Do’s and Don’ts
Dr. Martie-Louise Verreynne, Associate Dean (Research) & Professor of Innovation, Faculty of Business, Economics and Law, The University of Queensland, Australia, presented on program design, which offered perhaps the most actionable insights of the conference. Her framework for effective small business support programs emphasized several key principles:
The Do’s:
- Combine funding with support, capacity building, and ecosystem development
- Share risks between the public and private sectors
- Maintain inclusive approaches to program design
- Build domestic capability while attracting international talent
The Don’ts:
- Over-bureaucratize the program
- Constantly pilot without committing to full implementation
- Create flip-flopping policies that undermine confidence
- Allow program criteria to become so overwhelming that they stifle entrepreneurship
Her central message was transformative: “A good support program has resources, but it builds confidence, capability, and connection.” This triple-C framework offers a blueprint for policymakers seeking to create meaningful impact.
The Gender Gap Crisis: 2% and the Path Forward
Perhaps the most sobering statistic shared at the conference was the revelation that only 2% of venture capital funding in Australia goes to women-led businesses. This stark figure – “two cents in every dollar” – represents not only inequality but also a massive waste of entrepreneurial potential.
The discussion revealed multiple barriers facing women entrepreneurs, ranging from access to capital to the development of their capabilities. However, encouraging developments are emerging, including women-focused VC funds and an increase in female representation on boards.
Dr. Leonora Risse, Associate Professor in Economics at the School of Politics, Economics, and Society, University of Canberra, Australia, highlighted insights that show women entrepreneurs often focus heavily on domestic markets with service-oriented businesses, suggesting opportunities for programs that help expand their horizons toward international markets.
Sustainability as Natural Entrepreneurship
The afternoon sessions explored how sustainability and social impact are becoming central to entrepreneurship, particularly among Gen Z entrepreneurs. Research from the University of Nebraska has revealed that young entrepreneurs are increasingly motivated by social impact and purpose, viewing these as key factors in attracting investment.
This shift toward triple bottom line thinking – considering people, planet, and profit – reflects a fundamental change in how entrepreneurs conceptualize success. The emphasis on broader stakeholder thinking extends beyond an immediate customer focus to consider the societal impact.
Digital Transformation and Government Innovation
The discussion of South Korea’s Ministry of SMEs and Startups provided insights into how the government can leverage digital transformation to support entrepreneurship. The focus on efficiency and capability benefits through technology adoption offers a model for other nations seeking to modernize their small business support infrastructure.
From Academic Insights to Actionable Policy
The most important theme throughout the conference was the need to bridge the gap between academic research and practical policy implementation.
The closing discussion about academic journals and publication rigor raised crucial questions about audience and impact.
The challenge, as one participant noted, is “how do we take these academic insights and turn them into actionable insights? What things can policies change, decision makers can change behavior, and their approach to creating the right ecosystem for small businesses and entrepreneurship.”
The Path Forward: Building Resilient Entrepreneurial Ecosystems
The ICSB Sydney conference demonstrated that successful entrepreneurship policy requires a holistic approach that considers the human dimension of business creation. From reducing the cost of failure to building confidence and capability, the insights shared point toward a more nuanced understanding of what entrepreneurs need to succeed.
The emphasis on enduring, resilient policies that “stay the course” while adapting to changing conditions reflects a mature understanding of the policy development process. Rather than seeking quick fixes or silver bullets, the focus should be on building robust systems that can support entrepreneurs through various economic cycles.
As the conference concluded, participants were left with a clear message: entrepreneurship is fundamentally about human potential.
The role of policy, academia, and support organizations is to create conditions where that potential can flourish, where failure can be a learning experience rather than a devastating setback, and where the transformation of challenges into opportunities becomes not just possible, but probable.
The Sydney gathering demonstrated that when diverse perspectives come together – from practitioners to academics, from policymakers to advocates – the result is not just a more profound understanding, but also better outcomes for the entrepreneurs who drive innovation, create jobs, and build communities worldwide.
This article is based on proceedings from an international conference on small business and entrepreneurship held in Sydney, which brought together academics, policymakers, and practitioners to share insights on supporting entrepreneurial ecosystems globally.
