De-Mystifying Innovation
Thursday, 27 October 2005
- When
- Thursday, 27 October 2005
- Cost
- Free
Summary
Key Points from the evening:
Innovation is a non-linear, collaborative and uncertain process; it is not merely the commercialization of science and technology.Innovation is evident in low-tech industries, as well as in the high-tech, frontier industries.In terms of R&D intensity, Australian firms perform much more poorly than their competitors in comparable European economies. This poor performance can be traced to Australia’s industrial composition.Government policy does not provide incentives for local ownership to capture the value of innovation locally.Europe and the USA provide many examples of the gains that stem from policies which encourage R&D and other innovation expenditures across the board, especially the underwriting of risks associated with innovation investment.Australia should promote further innovation in the mature, low-tech industries in which it specializes; for these industries are capable of generating much value (provided the value of innovation does not leak to foreign investors) and many related jobs in services.

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