A new initiative focused on innovation plans to reinvigorate Australian business through a Government supported, national business planning competition.
Called (re)innovate challenge, the seven-month intense innovation program aims to provide Australian businesses with the framework and resources needed to instil innovation back into their organisations.
The recent National Innovation System Review, commissioned by Kim Carr, Federal Minister for the Department of Innovation, Industry, Science and Research, revealed Australia’s current mediocre performance on the innovation front.
The Review also emphasised the need to improve the innovation capability of Australian businesses across all sectors, not just in research and science based industries which have long been the focal point of innovation policy.
According to the Australian Bureau of Statistics, less than 40 per cent of Australian businesses pursue innovation, with Australia ranking 22nd on the Global Competitiveness Index on innovation (World Economic Forum).
The founder of (re)innovate challenge, Tim Morris, believes the competition will help businesses overcome organisational culture that does not support innovation, lack of capability, limited access to finance and uncertainty, all in a simple and cost effective way.
“(re) innovate challenge will provide the fundamental resources to encourage more Australian businesses to pursue innovation and guide them to achieve solid results. The challenge starts with great ideas and then focuses on the much harder task of developing those ideas into successful innovations,” he said.
“Businesses who join the challenge will learn how to develop a big idea to improve the performance of their organisation. Offline and online training, support, creative tools and personal feedback will be provided for participating teams to convert and build the idea from its embryonic phase into an executable, comprehensive and insightful business strategy.
“With the current fragility of the economy, it is even more important than ever to nurture a culture of innovation in Australian organisations.”
Businesses have until May 2009 to complete their plan and then will pitch to a judging panel that represent a wide range of industries including manufacturing, finance, hospitality and public relations.
There are state awards across six categories: process innovation, new market offering, business model innovation, sustainability, regional innovation and export offering. Winners of these state awards then progress to the national finals and the national winner be announced in July 2009.
Entries close 27 November 2008. Go to www.reinnovate.com.au for details.