ABSTRACT
The products of high technology industry may, of course, help generate employment in other industries altogether. High technology industry is markedly different, as might be surmised from the importance of small, new firms in that industry. High technology industry in the United States is heavily reliant on personal, informal channels for information flow. The way in which information travels in high technology industry in United States is partly cause and partly consequence of that industry's frantic pace of technological change. The one begets the other. US high technology industry continually adjusts to change even the semiconductor industry now thirty years old – has refused to display the characteristics of a stolid, mature industry. The Australian Academy of Technological Sciences had been approached in 1981 by the then Minister for Science and Technology and asked for its advice on the matter of venture capital. The Australian States have little such appreciation and this is evident in much of their high technology policy.
