The Innovation Gap in Australia: How Businesses Can Catch Up

I’ve lived in Australia for almost 25 years and during that time I’ve constantly heard and read that two of the main problems with the Australian business community are:
‣ Low productivity
‣ Lack of innovation

This is brought to the forefront by PwC‘s 29th annual CEO survey.

This graph is from the Australian summary and it shows that Australian innovation capability is lagging behind in every single question that was asked from their global counterparts. Here’s an excerpt from the survey.

“The reconfiguration of industries around human-centric domains of growth over the coming decade will see the reward go to leaders who are ready to reinvent their business models. But despite strong intent, many CEOs acknowledge a gap between the innovation capabilities they have today and what an uncerta in future demands.

This is reflected by one of the top three concerns of Australia’s CEOs: whether their innovation capabilities are strong enough to navigate an uncertain future (31%). We asked about six innovation-friendly practices; only nine percent of Australia’s CEOs say their company has implemented at least five of the six to a large or very large extent.

𝗧𝗵𝗲 𝗽𝗮𝘆-𝗼𝗳𝗳 𝗳𝗼𝗿 𝗲𝗺𝗯𝗿𝗮𝗰𝗶𝗻𝗴 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗻𝗼𝘁 𝗷𝘂𝘀𝘁 𝗹𝗼𝗻𝗴-𝘁𝗲𝗿𝗺. 𝗜𝗻 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮, 𝘁𝗵𝗲 𝗼𝗿𝗴𝗮𝗻𝗶𝘀𝗮𝘁𝗶𝗼𝗻𝘀 𝘁𝗵𝗮𝘁 𝗰𝗹𝗼𝘀𝗲 𝘁𝗵𝗶𝘀 𝗴𝗮𝗽—𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝘀𝘆𝘀𝘁𝗲𝗺𝗮𝘁𝗶𝗰 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗰𝗮𝗽𝗮𝗯𝗶𝗹𝗶𝘁𝘆—𝗮𝗰𝗵𝗶𝗲𝘃𝗲 𝟮.𝟭𝘅 𝗴𝗿𝗲𝗮𝘁𝗲𝗿 𝗿𝗲𝘃𝗲𝗻𝘂𝗲 𝗳𝗿𝗼𝗺 𝗻𝗲𝘄 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝘀 𝗮𝗻𝗱 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀, 𝗮𝗹𝗼𝗻𝗴 𝘄𝗶𝘁𝗵 𝗳𝗮𝘀𝘁𝗲𝗿 𝗼𝘃𝗲𝗿𝗮𝗹𝗹 𝗴𝗿𝗼𝘄𝘁𝗵 𝗮𝗻𝗱 𝗵𝗶𝗴𝗵𝗲𝗿 𝗽𝗿𝗼𝗳𝗶𝘁 𝗺𝗮𝗿𝗴𝗶𝗻𝘀, 𝗮𝗰𝗰𝗼𝗿𝗱𝗶𝗻𝗴 𝘁𝗼 𝗼𝘂𝗿 𝘀𝘂𝗿𝘃𝗲𝘆. These practices are proven, and the reward is substantial.”