A culture shift towards business innovation

The Office of the Minister for Industry, Innovation and Science has declared a new campaign of public information and community engagement for the National Innovation and Science Agenda.

Designed to create a paradigm shift in the thinking of Australians, this agenda is hoped to help boost the economy and local businesses by encouraging greater risk-taking and innovation in their development plan.

A future-forward gaze for business

"Australia needs to grasp new ideas in innovation and science, identify and capitalise on new opportunities and create new sources of growth to secure our nation's future," Minister Christopher Pyne said.

"The agenda heralds a critical and exciting time for the Australian economy."

A significant part of the plan involves a cultural shift across the nation towards more acceptance of taking a chance on homegrown ideas. Mr Pyne lamented that research conducted by their department revealed that less than 5 per cent of Australians considered their country global leaders in technological developments – despite the fact that Australia is responsible for watershed inventions such as WiFi and the cochlear implant.

Innovative SMEs are successful SMEs

However, there have already been significant advances for forward-thinking SMEs in terms of their small business financial planning.

New studies from Office of the Chief Economist have shown that innovation-active SMEs are far more likely to seek and successfully obtain financing from lenders. This demonstrates an increased level of trust in the economic markets for SMEs that are on the cutting edge of business methods.

Innovation is set to drive the Australian business world on. A good start for any SME is to speak to a qualified small business consultant to ensure that their business planning is adequate for the increased risk-taking and forward drive that the new agenda for innovation is sure to promote.

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