8158.0 - Innovation in Australian Business, 2012-13 Quality Declaration
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 21/08/2014
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Business innovation stifled by lack of funds
For one in five Australian businesses a lack of funds was a barrier to innovating, according to figures released today by the Australian Bureau of Statistics (ABS).
"A lack of funds was one barrier, and another was a lack of skilled people - either in the labour market or in the business - which affected around a quarter of small and medium sized businesses," said Sue-Ellen Luke from the ABS.
"For the purpose of innovation, almost 60 per cent of innovation-active businesses are sourcing ideas or information from within their businesses, and 40 per cent get ideas from clients.
"Just under ten per cent of innovation-active businesses had a collaborative arrangement with universities or other higher education institutions."
Survey results also showed that innovation had led to a reduction in cost for more than one in four innovating businesses in the manufacturing and agriculture, forestry and fishing industries.
Further information is available in Innovation in Australian Business, 2012-13 (cat. no. 8158.0).
More detailed information about business performance, activities and arrangements will be released in September.
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