Number crunch: Business innovation
Innovation is a key driver of business success. It’s typically defined by a firm’s knowledge of the market and customers, constant process reviews, learning from failures and passion and drive.
In NAB’s Survey of Business Innovation in Australia, we asked how business views innovation, both in Australia and within their own business. Some of the key findings are below:
- Australian business does not believe that we are a highly innovative nation. Just 13% of all firms rate Australia as “highly innovative” (and only 6% of very large firms).
- But, there is no shortage of firms (more than 1 in 4) across all sizes of business that identify themselves as “highly innovative”.
- Highly innovative firms can be found across all sectors of the economy – including some more “mature” industries such as Manufacturing and Retail (and in both very big and small firms).
- This raises the possibility that business may be underestimating the true level of innovation in Australia.
This article was first published in Business View magazine (Summer 2015). For more articles and interactivity, download the iPad edition of Business View for free via our app, NAB Think.
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About the Author: Business View
Business View Connect is NAB’s online source of economic updates, business trends and case studies specifically for small to medium enterprises. We draw on insights from NAB’s economists and a range of Australian business experts so you’re armed with the tips you need to help your business succeed. Regular topics include cash flow, business planning and wealth management. To receive free updates subscribe now. Contact us at firstname.lastname@example.org