SYDNEY--(BUSINESS WIRE)--The Australia Israel Chamber of Commerce (AICC), today released the findings of their fifth dynamic innovation index in collaboration with Sky News Business. The Q2 Innovation Index 2017, as always, provides crucial insights for business executives and policy makers, by capturing the current perspectives of executives on the state of innovation within their organisations.
The key indicators in this index are continually updated to reflect the evolution of the concept of innovation. As such, we incorporated three novel indicators this quarter: firstly, to address the challenges that companies face going global; secondly, to assess how long the process of innovation takes in organisations; and thirdly, what types of innovations organisations are creating. There were four major findings of the index:
- Businesses are increasingly focusing on training programs to boost innovation and growth: when asked ‘What does innovation mean for your company in 2017?’ the most popular response (with 43%) was implementing training programs to make workplaces more supportive of innovation. There has also been more than a 10 percentage point quarter on quarter increase in the number of executives indicating that training programs are an area of future growth for their businesses.
- Australian businesses are focusing broadly on innovation: Executives have indicated that their businesses are innovating across product, process and business model innovation. The most popular focus of innovation was business model innovation, with two in five executives indicating that this type of innovation was most important for their business.
- Three quarters of Australian innovation projects are at least somewhat geared to building international business growth: three in five executives indicated that their innovation projects were somewhat geared towards building international growth, while sixteen percent of executives indicated that their innovation projects were largely geared towards building international growth.
- The majority of Australian innovations take less than a year to implement: Three out of five executives indicated that innovation projects took less than a year to implement within their organisation.
“This Index shows that Australians are looking inward to take advantage of their own talent to boost innovation, and outward for innovation to underpin international expansion and growth,” said Michelle Blum, CEO of the AICC: “Australia can learn from the Israeli entrepreneurial mindset of thinking globally from the outset.”
Read the full report here.
About the Australia-Israel Chamber of Commerce
The Australia-Israel Chamber of Commerce (AICC) is one of the pre-eminent business forums in Australia. The AICC provides a network of trust to connect members of the Australian business, political and academic communities with each other and their Israeli counterparts to encourage innovation, entrepreneurship and inspirational leadership, with the ultimate objective of increasing trade and investment between Australia and Israel.