Is Australia developing a culture for business innovation?

Innovation is central to success in the world of business. After all, any company that cannot find ways to better its internal and external processes will likely stagnate, and ultimately see its bottom line suffer.

Fortunately, here in Australia, the culture for innovation is steadily growing, although it isn't quite perfect yet.

The question of start ups

It may be little surprise that the most actively innovative enterprises are start ups. This is nominally due to the fact that they tend to operate with lessened boundaries when compared with bigger peers. With no vast array of shareholders or overarching decision makers to satisfy, small business owners who have built their concept from the ground up can operate with an increased amount of freedom.

To emphasise the point, the Office of the Chief Economist surmised that Australia's start ups are at the heart of the country's employment growth, and by proxy, a significant amount of economic activity.

Fostering ideas

So, while start ups across Australia are some of the most significant and innovative business entities in operation, how can the rest of the enterprise world catch up to create a more well-rounded culture for innovation across the country?

Well, Business Insider Australia contributor Marcus Foth explained that Australia needs more open, collaborative conversations between both businesses and individuals that would hopefully help enhance the quest for innovation.

While that may sound relatively idealistic, there are certainly steps organisations can take in the here and now. For example, assessing any business development planning efforts and attempting to implement innovation from the ground up is certainly a starting point.

The process of innovation itself doesn't have to be laborious, and can be as simple as finding an alternative, creative way to solve a problem. While the rise of Australia's innovation culture appears to be ongoing, those businesses that are ahead of the curve will likely find themselves in the best position going forward.