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Innovation key to success

26 June 2020 by News Desk

Innovation is the key to success in Australian business where up to 60% of companies seek new ways of doing things.

44% of Australian businesses were innovation-active.

Wholesale trade (61%) and Manufacturing (59%) industries had the highest proportion of innovation-active businesses.

37% of Australian businesses introduced an innovation, with 17% of businesses introducing a goods and/or service innovation and 32% of businesses introducing a process innovation

Wholesale trade (44%), Information media and telecommunications and Manufacturing (both 40%), had the highest proportion of businesses reporting a process innovation.

Nearly one in four businesses (24%) had an innovation in development, while one in eleven businesses (9%) abandoned innovation.

Innovation key to successe

Businesses reported on selected factors that significantly hampered its business activity or performance in 2018-19.

Lower profit margins to remain competitive (21%) is the most common barrier to business performance and activity for all businesses.

Nearly a quarter of innovation-active businesses (24%) reported lack of access to additional funds as a barrier to business performance and activities compared to 9% of non-innovation active businesses.

15% of businesses with 0-4 employees reported a Lack of access to additional funds as a barrier to general business activities or performance, compared to 8% of businesses with 200 or more employees.

The 2018-19 Business Characteristics Survey release has a focus on business innovation, while also presenting summary data for a selection of other business characteristics including; use of information technology, collaborative arrangements, markets, finance, performance indicators, barriers and skills.

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