Young Aussies: It’s time to turn AI into business opportunity

• AI gives young people the chance to supercharge business ideas
• Government must promote the benefits of young entrepreneurialism
• Young business owners more likely to innovate and experience growth

Australia’s largest accounting body, CPA Australia, is urging young Australians to seize the unprecedented opportunities presented by artificial intelligence (AI) and turn their entrepreneurial ideas into reality.

CPA Australia’s Business Investment Lead, Gavan Ord, says that AI is transforming business models and lowering barriers to entry, making now the ideal time for young people to start or acquire a business.

“Encouraging more young Australians into business ownership isn’t just good for them, it’s vital for the economy,” he said. “AI gives young entrepreneurs the ability to innovate and scale quickly, which will help revitalise Australia’s small business sector and strengthen our long-term economic vitality.”

CPA Australia is urging policymakers to promote entrepreneurship as a career path and provide targeted support for young business owners, including training in digital capability and improved access to finance and professional advice.

The call comes during Australia’s AI Week – a federal government initiative to help businesses understand the benefits of AI and how to integrate it into their operations.

Mr Ord says further government support is needed, but young people shouldn’t wait. If they have a business idea, they should use any available tools to help pursue it.

“Embracing AI will be key to boosting productivity and economic growth. Young Aussies should be proactive, leveraging AI, professional advisers and mentors to follow their entrepreneurial and creative instinct,” said Mr Ord.

“AI enables small businesses to automate processes, analyse data and innovate faster than ever before. For young Australians with ambition, AI provides the tools to help them compete locally, nationally and on a global stage.”

Mr Ord says young people are often presented with the potential negatives of AI, rather than seeing it as an opportunity.

“Rather than viewing AI solely through the lens of misuse and workforce anxiety, we should recognise it as launchpad for young entrepreneurs,” he said. “It empowers young people to turn ideas into ventures with unprecedented speed and minimal resources.

“From branding and market research to customer service and content creation, AI tools are making running a business more accessible than ever.

“It’s time to shift the narrative. Let’s show how AI can be a force for entrepreneurship and economic opportunity.”

CPA Australia’s Asia-Pacific Small Business Survey, which has captured insights from 50,000 small businesses across the region over 16 years, consistently shows that businesses owned by people aged under 40 are significantly more likely to grow, create jobs, adopt new technologies and innovate.

“Whether it’s starting a new business or acquiring an existing one, the evidence shows that younger people are more likely to adopt new technologies and inspire growth,” said Mr Ord.

“In Australia, most small business owners are aged 50 and above, so it’s crucial that we get more young people interested in business by promoting the many benefits of business ownership, such as being your own boss, improved work-life balance and pursuing a passion or personal interest.

“Young Aussies are well-placed to learn the basics of business very quickly – if they are making money from YouTube, Instagram or TikTok, they are effectively a sole trader, even if they hadn’t realised. They are picking up valuable business skills. 

“Used correctly, AI gives young people the perfect opportunity to supercharge their business ideas, which in turn could create jobs and boost the national economy.”