Entrepreneurship has a very important role in the emerging Fourth Industrial Revolution (Industry 4.0) for economic, social and workforce development. It is characterised by rising digitisation and interconnection of value chains & business models. The expansion in entrepreneurship education in Australia is exciting in terms of emerging initiatives in across secondary, VET and tertiary education, youth programs and non-accredited development.
What is the Fourth Industrial Revolution (Industry 4.0)?
Industry 4.0 or Fourth Industrial Revolution includes the Internet of Things, cloud computing, and cyber-physical systems. It is being predicted that by 2022, Industry 4.0 will be worth U.S. $152 billion and industrial robots will hold the biggest size of the industry 4.0 marketplaces. The workforce required should possess cognitive and physical abilities, problem-solving abilities, process and system skills, technical aptitude, and efficient resource management.
Every company will need to reorganise their recruitment and selection methods. Current skill improvement in human and technology capabilities will be the key to manage AI, VR, IoT, machine learning & big data, autonomous vehicles, holograms and robotics. So, in order to meet Industry 4.0 requirements, Australia needs a recharged VET/TVET 4.0 system.
Vocational Education and Training (VET), accompanied by secondary and tertiary education, including workforce development (equivalent to TVET) in Australia is undergoing considerable transformation and evolution. Startups and entrepreneurs are a big contributor to new jobs and improvement in Australia. Indeed, between 2006 and 2011, startups created 1.44 million jobs in the Australian economy. In 2018, Australia’s population had reached near about 24,979,400, making it the 52nd most heavily populated country in the world. This number is all-set to rise to more than 28 million by 2030, and with 89 percent of people residing in urban areas.
Initiatives and Entrepreneurial Education in Australia
When in search of entrepreneurial education across Australia, there are several examples involving the education sector, private companies, startups, youth organisations, and entrepreneurial ecosystems. In each state and territory in Australia, there is a range of accelerators, incubators, co-working spaces, events, and entrepreneurship opportunities. Entrepreneurship education is earning its proper space within the tertiary field, like the ‘INCUBATE’ program started by the University of Sydney.
Australia has experienced key shifts in its industrial structure, together with educational opportunities and up-skilling to the goods-producing and the services-oriented economy. Today, the workforce involved in business services has nearly doubled in the last 50 years. The word ‘startup’ is being considered in daily conversations. Schools, training providers and universities are gradually making more effort to implement entrepreneurialism within their curriculum, and to encourage students with the skills they will need in the future, such as AI, globalisation and working in flexible worldwide teams.
Innovative methodologies based upon the business model canvas or lean startup, acceleration and incubation, mentoring and coaching, pitch competitions and global experiences, supported by co-working, connections and delegations are more of the approach to build entrepreneurial capabilities. As a result, VET/TVET in Australia needs a national vision, mission and framework prioritising entrepreneurship with funding that encourages pioneering approaches to outcomes.
If you want any kind of help to design entrepreneurial education experiences, Wendy Perry, may be able to assist you. Please reach out by emailing Wendy Perry, Managing Director, Workforce BluePrint, email: firstname.lastname@example.org, and we’ll catch up soon.