Insight into Australian innovation
Business innovation and intellectual property (IP) play an important role in the growth and development of businesses. A comprehensive report, released by IP Australia, includes a number of new findings related to the role of intellectual property, including that investment in IP has been shown to increase business growth.
Key findings on the Australian innovation system as a whole include:
- Australia ranks fifth out of 30 OECD countries in terms of overall proportion of innovation-active businesses.
- Total expenditure on innovation by Australian businesses in 2014-15 was $26 billion to $30 billion.
- Income from new or significantly improved goods and services was 7.2 per cent of total sales in Australia compared to an average of 19.1 per cent of total sales in the top five OECD countries.
- Innovation-active businesses in Australia make up 45 per cent of all employing businesses but contribute to over 60 per cent of sales and employment.
- Compared to non-innovation-active businesses, innovation-active businesses in Australia are:
- per cent more likely to increase income and profitability
- twice as likely to export
- two to three times more likely to report increased productivity, employment and training
- Persistent innovators significantly outgrow other businesses in terms of sales, value added, employment and profit growth:
- 18 times the value added growth of intermittent innovators
- four times the employment growth of regular innovators
- five times the sales growth of regular innovators.
For more information, read the full AIS report .