Doing more to aid innovation in business

HomeEthos

According to the 2016 Australian Innovation System Report from the Department of Industry, Innovation and Science (DIIS) Australia can do more when it comes to working together on innovative ideas and processes.

Professor Roy Green, dean of the UTS’ School of Business shared his thoughts on innovation and business with innovationaus.com in response to the report’s findings on December 16, 2016.

“Business needs to connect more closely with research and education,” says  adding, “Research institutions and universities need to do the same. This is a two way street and we need to develop deeper more strategic relationships, not just transactional ones so it isn’t just academics looking for research funds and business looking for free R&D. It’s got to be a genuine partnership on a long term basis. You see that around the world, when these ecosystems do get traction it’s because of those deeper relationships.”

Using ABS data, DIIS found that in 2014-2015, businesses that collaborated on innovation were twice as likely to develop ten or more innovations.

The report authors suggest that better collaboration between Small to Medium Enterprises (SMEs) would allow them to share scarce resources, spread risk and facilitate further innovative projects. Australian industry’s collaboration with higher education and research institutions ranked the lowest of 27 countries in the OECD.

Australia businesses are also extremely ‘poor utilisers’ of research institutions despite the potential benefits. The DIIS report indicates collaboration with universities and the CSIRO could more than triple annual productivity growth and increases in other performance measures.

Image: UTS Business School
Last updated December 16, 2016

NEXT ARTICLE >