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De-Mystifying Innovation

Thursday, 27 October 2005
When
Thursday, 27 October 2005
Cost
Free
Download the invitation (0 Bytes PDF)

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.

Notes & Materials

  • De-Mystifying Innovation
    Professor Jonathan West
    On 27 October, 2005, the Australian Business Foundation hosted a forum at Macquarie Bank. The forum featured two expert speakers on national innovation systems: Professors Keith Smith and Jonathan West. They discussed the nature and extent of Australia's innovative capacity, and the polices that are required to enhance it. A summary of the key points of this forum on De-mystifying Innovation can be found below, as well as the Powerpoint slides used by both presenters.
  • De-Mystifying Innovation - Key Point Summary
    Dr Matthew Steen, Policy Adviser - Tax & competitiveness, NSW Business Chamber
    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.
  • Innovation and the Knowledge Economy in Australia
    Professor Keith Smith, Chair in Innovation, School of Management, University of Tasmania

    In 2004 Professor Keith Smith researched and reported on how the knowledge economy was creating value in Australian industry, and how companies were innovating to gain a competitive advantage.  His paper The Knowledge Economy in the Australian Context then paved the way for his follow up report in 2005 Promoting Innovation in Australia: Business and Policy Issues in which he looked at the opportunities and challenges facing businesses and governments in fostering innovation to generate business value.

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