The Challenges Of The Australian Innovation Sector Essay
There is no doubt that Industry within Australia faces significant challenges, particularly with the looming exit of the automotive industry. Australia, like many other developed economies, is facing enormous economic transformation as the world continues to change and grow around the rise of China, and rebalancing itself post the Global Financial Crisis.
While the mining boom in Australia slows, the automotive industry preparing its exit; chuck in an added dose of ‘Dutch disease’, all these elements have contributed to the feeling of a perfect storm within the Australian Industry. The general perception, is that too many of our politicians are failing the Australian innovation sector, which has resulted in an overall reluctance of Governments to act or to be seen propping up industries that are under threat.
What is Innovation
Very few people understand the complexity of innovation. Many believe that innovation to be some form of inventing, or the implementation of new and improved work tools, equipment and machinery. However, innovation is a well detailed step-by-step process, that many fail to grasp an understanding of.
Innovation generally refers to changing processes or creating more effective processes, products and ideas. Being innovative doesn’t purely require the idea of invention. Innovation put simply can often be the change of a business model and adapting to changes within the environment of the business. Ensuring innovation is at the…