AUSTRALIAN BUSINESS FOUNDATION WELCOMES REVIEW OF NATIONAL INNOVATION SYSTEM

“The single most important contribution of the NIS Review is to recognise the hidden realities of business innovation, where the real value of doing something new comes from users, not the providers of innovation,” Mr Mills said 

“While the Review makes important recommendations on research spending, investing more in education and skills and improving tax treatment and legislative frameworks, it does not overlook the critical dimension of business innovation.

“Unlike past innovation reviews, it recognises the importance of innovation by businesses responding to market and customer demands. Such innovation serves to transform businesses not just with new products and technologies, but in their operations, relationships and business models.

“For more than a decade, the Australian Business Foundation has been a leader in conducting evidence-based research on how innovation is fundamental to Australian productivity growth.

“Innovation is about the smart application of knowledge to solve problems and generate ideas for customers and communities world wide.  

“Innovation transforms business capabilities and creates new value, which directly results in greater productivity, wellbeing and sustainable robust growth.

“The NIS Review should be applauded for understanding that innovation involves not only research and technology, but market-facing interactions by businesses. 

“The Review recommends action on a variety of fronts, so that the end result is innovation which leads to productivity growth and increased living standards for Australians,” Mr Mills concluded. 

Media: For more information please contact: Stephen Mills on (0438) 081 801 or Clint McGilvray on (0413) 285 186. 

The Australian Business Foundation’s Chief Executive Officer Narelle Kennedy was a member of the expert panel reviewing the National Innovation System.