3 tips to overcome your aversion to innovation

The Shaker
Tue 18 Jun

Innovation and creativity — are they just buzzwords for business, or a case of ‘do or die’?

When you think of innovation, what immediately comes to mind? The first mobile phone, artificial intelligence or robot-assisted open-heart surgery?

Faced with such game-changing examples, it’s easy to understand how entrepreneurs feel overwhelmed by the practical costs and risks associated with innovation, competitive pressure and daily management tasks. However, true innovation is about implementing new ideas to create value, not just creating breakthrough products or services.

According to the latest Australian Bureau of Statistics data, only 38.3% of Australian businesses invested in at least one innovation type for the year ending in 2017. The highest proportion of these businesses were in the healthcare and social assistance, administrative and support, and rental, hiring and real estate industries.

As consumers, Australians have a reputation for embracing and adopting new technology. Australia is one of the largest adopters of handheld computing devices and boasts a high disposable income per capita. As a nation, Australia is a small, geographically isolated economy dominated by small businesses and lifestyle entrepreneurs seeking local competitive advantage through cost reduction rather than pushing the innovation frontier to capture world markets through new value creation.

These factors combine to make Australia a very lucrative target for digital disruptors in the growing global internet economy. So, how can Australian business, both small and large, not only survive but thrive in this new and fast-moving global digital innovation landscape?

 

       1. understand how innovative technologies could potentially disrupt your current markets.

       2. realise the opportunities these technologies present to not only respond to but create disruption

       3. rethink the dominant logic of how you do business by continually testing new combinations to innovate business models

 

Remember it's not exceptional individual innovations that underpin rapid growth but rather the exceptional execution of an ordinary idea.