Synopsis of an article from InnovationAus by James Riley Published 20th July 2020
This article is based around an interview with Kevin Bloch who is leaving his current position as Cisco’s regional CTO to form a technology advisory firm.
The key premise put forward is that Artificial Intelligence is going to have a larger impact on the global economy and society than the internet and that many firms are massively under investing in appropriate R&D and innovation to take advantage of this transformation.
Most Australian firms invest less than 5% for revenue back into R&D, this compares with 10-30% for global technology leaders.
“The question now is how do we get our business leaders in this country to really understand what AI is. If they don’t, their companies will at best be less competitive and at worst they won’t be around any longer,” Mr Bloch said.Kevin Bloch