SYDNEY--(EON: Enhanced Online News)--The Australia-Israel Chamber of Commerce (AICC), today released the findings of their fourth dynamic innovation index in collaboration with Sky News Business. The Q1 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.
“Australia can take advantage of the progress and experiences in Israel, where embracing uncertainty, collaboration, and exploring new and dynamic ways of working, have led it to consistently be recognised as a role model for innovation.”
The key indicators in this index are continually updated to reflect the evolution of the concept of innovation. As such, two novel indicators were added this quarter: firstly, to assess how executives expect innovation to affect employment; and secondly, what innovative changes executives are making within their companies in 2017.
There were four major findings of the index:
- Workplaces aren’t supportive enough of innovation: there has been a marked decline in the proportion of executives believing that their workplace environment allows innovation to flourish. Executives are also looking for more transparent structures in the workplace to support innovation.
- Consumer engagement is key to business growth: executives are placing increasing importance on customer engagement as a driver of future business growth. Engagement was ranked as the largest area of future growth for businesses, and there has been a 100% year-on-year increase in executives indicating that customer engagement is an area for future business growth.
- R&D is seen as the leading driver of innovation: of the innovation-active companies in our survey (90%), investing in internal R&D, or seeking collaborative R&D partnerships were seen as the key ways of innovating in 2017.
- Innovation and jobs: 65% of executives believe that innovation will directly impact jobs in 2017. A quarter of participants think that innovation will reduce the need for some jobs, while four out of ten think that innovation will generate new jobs.
“In today’s disruptive climate the social imperative to innovate is stronger than ever. Key themes from this index are the importance of R&D, collaboration and a workplace environment supportive of innovation,” said Michelle Blum, CEO of the AICC. “Australia can take advantage of the progress and experiences in Israel, where embracing uncertainty, collaboration, and exploring new and dynamic ways of working, have led it to consistently be recognised as a role model for innovation.”
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.