Australia risks losing out on the future prosperity that artificial intelligence presents by investing “far too little” in research and development, according to software billionaire Mike Cannon-Brookes.
The co-founder and chief executive of the country’s most successful tech company on Tuesday said the relative decline in R&D spending over the past 20 years had put a handbrake on tech progress that is now playing out in AI.
“You can’t implement AI without doing R&D in your business,” Mr Cannon-Brookes told the Tech Council of Australia’s (TCA) National Tech Summit in Melbourne.
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