Read the latest report from Innovation and Science Australia (ISA) which explores opportunities to stimulate business investment in innovation. ISA has undertaken both quantitative and qualitative analyses, including directly engaging with over 180 firms, to better understand the current levels of business innovation investment.
ISA found that investment in non-R&D innovation activities leads to higher revenue, job growth and higher rates of business survival than those businesses that did not invest in innovation. As such, the report recommends that government re-balance its policy mix to support business investment in both non-R&D innovation and R&D, with additional support for non-R&D innovation for a defined period. The report also recommends the government focuses on key growth sectors, encourages a 'growth through innovation mindset' and ensures that all businesses have access to the right skills.