Don't wait until it's too late warns Think Global chief

Australia enjoys a 'special relationship' with China that dates back to a visit made to the mainland by former prime minister Gough Whitlam in 1971, according to David Thomas, founder and chief executive officer of Think Global Consulting.

But although these historic ties placed Australian companies in a privileged position with the mainland, they had not been fully exploited, Mr Thomas said.

'The problem is that many Australian companies do not have a record of global expansion, and whilst we are good at digging out iron ore and resources and shipping them to places like China, what we are not good at is identifying our intellectual properties and capabilities as a service economy.'

Australian companies competed energetically and successfully in a small and tough marketplace at home, but they were not as good when it came to exporting service capabilities such as their world-class accounting, legal, design, and financial services, Mr Thomas said.

The mainland, in the meantime, was developing an embryonic service sector and had a need for a whole range of service and support systems 'which presents a once in a generation opportunity for Australians to play a part'.

Mr Thomas said consulting firm Think Global was set up to help encourage Australian companies to take the initiative and venture into the mainland. 'I am involved in and immersing them in the Chinese opportunities,' he said.

For his efforts in this field, Think Global Consulting was a finalist in both the AustCham Business Entrepreneurial Award and the AustCham Qantas Business Innovation Award.