A new Innovation Index maps which areas of Australia contribute most to new business and where input is needed to unlock the huge potential of rural areas.
The Rural Australia Institute, along with Bendigo and Adeleaide Bank, have developed the index based on a new measure of innovation – business dynamo – along with the more traditional r&d and science measure. These two measures, when viewed in tandem, give some interesting insights into which areas are producing the most innovation and why. For example, although major cities are the most productive innovators, this is largely due to the fact that they are home to 174 out of the around 200 research and development institutions which exist nationwide, and therefore attract the majority of research and development investment and funding.
Although many regional centres score low on the index for research and development, 110 score highly for business dynamo; think lifestyle locations such as the Sunshine and Gold Coasts and Busselton (WA) as well as regional entrepreneurial centres like Griffith (NSW) and Ballarat (Vic). The producers of the index suggest that improving the research and development capacity of these areas could unlock untapped potential.
Conversely, there are a number of regional centres, mainly mining and mineral processing hubs like Whyalla (SA), Mt Isa (Qld), Muswellbrook and Singleton (NSW Hunter Valley), which score highly for research and development but are lacking in business dynamo.
There are 49 local government areas like Hobart (Tas), Palerang and Yass Valley (NSW/ACT), Queenscliff (Vic), Toodyay (WA) and Darwin (NT) that score highly in both measures of the index, i.e. there is a strong local business network along with a high rate of trademark applications. This suggests that businesses in these regional centres are innovating successfully.
To encourage more rural and regional areas to reach their innovation potential The Rural Australia Institute advocates interventions such as the ‘Entreprenuer in Residence’ program which is happening
Read more ~ Learn more about the Innovation Index results.