“Innovation opportunity for every working Australian
Over 90% of Australians are employed in jobs within existing industries, which deliver $2000 Billion of GDP.
Innovation in established organisations creates the most value for the economy, and yet is often overlooked in the discussion about innovation and entrepreneurship. While start-ups are important, they are high risk/high reward, require new capital and impacts are relatively long term; existing organisation innovation can be managed, is funded internally and can have immediate impact. Australia needs a balanced approach to innovation and engage the greatest proportion of Australians! Success from existing organisation innovation is evident across all sectors from health, finance, manufacturing to consumer goods and food. Results from these organisations over nearly 10 years show an average of 1% per annum improvement of organisation performance. Were this replicated nationally this represents $20 billion per annum. However the take up within organisations is not significant. A focus on innovation for existing organisations in established sectors is needed to create productivity and growth and also responsive cultures able to adopt and adapt to innovation. The work has been done, national support is required to expand. Options 1. Support and expand the best practice principles for Governing Innovation from the Australia Institute of Company Directors. (http://www.companydirectors.com.au/Director-Resource-Centre/Director-QA/Director-Tools/Governing-innovation) 2. Support and expand the implementation of existing training credentials from IBSA (Innovation Business Skills Australia) through existing funding of the Industry Skills Fund and new methods of delivery to develop the range of capabilities required 3. Support the Innovator Recognition Program as identified by the NSW Public Service Commissioner as a framework for implementing innovation in existing organisations. See http://catalystexchange.com.au/catalyst-services-5/catalyst-development/innovator-recognition-program 4. Support and expand the Collaborative Innovation Forum (http://catalystexchange.com.au/catalyst-services-5/catalyst-development/collaborative-innovation-forum ) that operates in Canberra and brings public sector innovators together with private sector innovators to share best practice. 5. Support and expand the existing R&D Tax Incentive to include non-technical innovation. 6. Support and expand Collaborative Circles as identified by the Industry Growth Centre, Food Innovation Australia Ltd (http://fial.com.au/collaborative-circles ) and Victorian Agriculture Strategy to accelerate clusters 7. Support leadership strategies for implementing innovation. At Hargraves Institute, 50 members and 150 partners have come together to develop an Agile Innovation Manifesto for existing organisations and employees that gives leaders the foundation to measure performance, reduce risk and deliver real results from innovation. See www.hargraves.com.au Allan Ryan, Executive Director Hargraves Institute”