In Episode 26, “Bureaucracy – That Which Turns Energy Into Solid Waste”, Blenheim Partners‘ Gregory Robinson is delighted to speak to Dr Peter Farrell AM, Founder and Chairman of ResMed Inc.
Peter shares a personal story and how he took a chance and invested in continuous positive airway pressure (CPAP), the first successful non-invasive treatment for obstructive sleep apnea. Starting from a garage in Australia he went on to found ResMed to help commercialise and allow scalable production of CPAP with a business that is now dual listed (ASX/NYSE), has a market cap of over US$19bn across 120 countries and still growing. “If we were in a marathon we are only doing our shoe laces up..that’s how much growth opportunity there is”.
In this colourful and very thought provoking discussion, Peter pulls no punches. “Entrepreneurship has almost nothing to do with risk taking, it’s opportunity seeking..and innovation only occurs when somebody writes you a cheque”. He discusses the criteria and platform for business success and “the need for world-class people”. He also is to the point in regards to other business dynamics, including political correctness, diversity, social media, competition, the investment in technology and focus on product and customer.
Peter shares his thoughts on climate change, arguing that the conditions we are experiencing today are the result of the natural process, as opposed to anthropogenic causes, claiming it to be “absolute nonsense”. Having resided in the United States for several years, Peter highlights the political atmosphere of the country, calling out those who he feels continually “virtue signal” with complete disregard for common sense breaking the back of American society.
Lastly, Peter touches on global affairs including China, Brexit and how the Bureaucrats of Brussels have persistently road blocked British attempts to leave the European Union. He suggests the hard line politicians with back bone such as Margaret Thatcher are a rare breed and is concerned how Australia is positioning itself with an “insane” corporate tax rate of 30%. He questions who would manufacture in Australia when neighbouring countries are far more competitive and willing to incentivise business.
This is an open conversation with views put forward by Peter to question and challenge. Not everyone will agree, some will agree to disagree but as Peter stresses, lets look at the facts and have the conversation.
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