Innovatia

1MG's interactive multimedia Flipbook on Innovation. (smartphone users can also view on www.innovatia.au)

INNOVATIA FROM THE EDITORS

Why? The national conversation on innovation has declined. Innovation is a spur to business productivity and profit, which is vital to our national economic and social health. Innovative thinking needs a clearer definition. It informs and motivates activity across all human endeavours, including the arts, travel, well-being, and much more. Innovatia is a publication dedicated to covering all of this – a journal- slash-bookazine, refreshed monthly in digital and web formats and annually in deluxe print. What? The purpose of the publication is manyfold: • To explain the vital importance of science and technology, the need to create an inventive, creative environment. • To provide globally sourced ideas and commentary across many fields including, crucially, sustainability, energy transition, and urban development, among others. • To lift the bar for writing, thinking, and analysis. • To combine the best videos on a broad array of topics. • To serve and improve the lives of readers. When? Right now, here it is: in its digital book format. Let us know what you think at ideas@innovatia.au

J.M.F. Keeney Editor in-Chief

Jessica Martyn Managing Editor

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WHAT READERS SAY INNOVATIA was reviewed with over 1000 C suite and other managers and other readers over recent months. This is what they said:

“FRESH AND DIFFERENT – ENGAGING“

“EXCITING – GOOD TO KNOW THERE WILL BE A STEADY FLOW OF NEW MATERIAL COMING TO THE SAME LINK“ “THE ARTICLE MIX IS IDEAL FOR A BUSY ENQUIRING READER” “I’LL CERTAINLY KEEP THE LINK AND RETURN, NO DOUBT OFTEN FOR THE VARIETY OF THINKING AND IDEAS“ “WHAT A SUPERB COMBINATION OF MATERIAL – A GREAT IDEA ABOUT GREAT IDEAS“

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INNOVATIA

FOUNDATION PARTNERS

Chairman & Editor-in-Chief J.M.F. Keeney Director-General Audrey Murugasu Managing Director Jim J. Eggleton -------------------------------------------------------------

ONE MANDATE GROUP 1MG and its predecessor companies have served Australia since 1982 as a publisher of books and magazines and creator of new media forms. The organisation became an NFP Social Enterprise in 2015. The company has published widely on numerous subjects including travel, design, and urban development though its primary and con- tinuing focus is on assisting business, economic development and spurring all that is entrepre- neurial. Innovation and the importance of science have been the cornerstones of its activity since its earliest days. Past noteworthy publications of 1MG include The Australian Adventure, the three-vol- ume series Australia’s Nobel Laureates, The Aus- tralian Business and Investment Explorer, and the multi-award winning quarterly, FAST THINKING. The continuing journal The Australian Farmer was created to provide science and technology infor- mation and perspectives to the nation’s farmers, filling a large gap. Innovatia is its latest production, under development for two years, now available in this digital book format, a closely similar website, and soon, a deluxe annual print edition. Carefully wrought for every thinking person.

Managing Editor Jessica Martyn Editor-at-Large Monique Ross Travel and Food Editors Maurice Crackenthorpe, Rose Lane Design and Fashion Editor Angela Cunninghame-Smythe

------------------------------------------------------------- Creative and Digital Director Craig Burkill ------------------------------------------------------------- CFO Michael Ghougassian Chief-of-Staff Charles Duk Moktan ----------------------------------------------------------- Research and Distribution Peter Fardoulys ------------------------------------------------------------- Staff Writers Keiran Miller, Sarah Dimond, Hazel Kang, Gillian Cummins, Zack Romero, Aoife Hilton ---------------------------------------------------------- International Correspondents Europe and Africa: Joel Stratte-McClure USA: Sophie Van Geldermalsen South East Asia: Dr. Euan Murugasu Japan: Joy Fukumoto

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INNOVATIA

WHAT IS INNOVATION?

Coming Soon Over the past decade, the study of applied innovation has become more diffuse, splintering into many disciplines, and it demands clarity. We live in a time where the word “innovative” has become a powerful cliché, used to describe everything from motor oils to muesli bars. But beneath this noise, there is an ever-greater recognition in business and technology environments of the crucial relationship between innovation and progress. We’ll be delving into this very subject as it applies to CEOs, managers, technologists, scientists, entrepreneurs and more across industries. We’ll carry on our work of 40 years with a revisit of Peter Drucker, who we interviewed in 2002, and feature work from globally recognised authors such as Clayton Christensen and Larry Keeley. We will also summon local Australian specialists to breathe new life into theories with case studies, and ultimately explore the future of innovation across our nation

T he term innovation has long had multi- ple definitions. Why? Because, in spite of (or perhaps because of) wide usage and continual interest, the term has lost pre- cise meaning for many. Nowadays, it is applied to nearly everything, casually enough, leading to some uncertainty around what innovation really means. Innovation’s import and thrust have gone adrift, at least for those who do not read about it regularly – a phenomenon that can happen when powerful words and concepts become popular and descend into cliché territory. So, the short definition: A considered change in method, technique or approach which car- ries demonstrable benefit. This is a simple doorway to a rich and very broad landscape, which is sometimes complex in its applica- tion. The key word is “considered” – meaning human forethought – to urge measurable im- provements and affect positive change. And the elaborate version: Start with what it is not. It is not science, except that testing of hypotheses, a scientific method, is sometimes

and beyond. Stay tuned.

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a useful tool when applied to an innovation operation, although usually this application is less formal than in “hard” science. Innovation is not invention – the process of coming up with a new idea – yet it often carries an invention to full fruition. As the enveloping carrier of scientific progress, furthering frontier advanc- es, innovation is hugely valuable to humanity. Innovation is a process. Whereas science and invention often depend on small teams or indi- viduals, innovation is usually more widespread within an organisation, making collaboration a prime concept within the innovation vocabulary. “Leadership, collaboration, strategy, a keen appetite for improvement – all of these things are key ingredients in the recipe for a true innovation culture.“ The creation of new systems, methods, strat- egies and group behaviours – all of it can be de- scribed as innovation. It can boost performance and efficiency in a diverse range of fields, from human resources, health services, customer assistance and government policy to financial strategy, urban planning, logistics, consumer product development and manufacturing. Innovation is about people, new systems, col- laboration, strategy, and steady evolution, and built permanently into an organisation’s DNA. A simple definition crafted more than 60 years ago by the founder of management analysis, Peter Drucker, retains its rigour:

“[Innovation is] the task of endowing human and material resources with new and greater wealth-producing capacity”. Some commentators are blunter: “if it doesn’t make money, it is not true innovation.” While this is true, there are exceptions, as the field of innovation study has evolved. It is now under- stood that innovative practices can be applied far beyond the confines of the corporation

and the balance sheet, hence social innovation, a younger cousin. A more recent definition by Michael Porter of Harvard goes like this: ”To me, innovation means offering things in dif- ferent ways, creating new combinations. Innovation doesn’t mean small, incremental im- provements – these are just part of being a dynam- ic organisation. Innovation is about finding new

ways of combining things generally.” Sam Palmisano, Chairman, President and CEO of IBM, gave us this: “The nature of innovation – by its inherent defi- nition – has changed. It’s no longer individuals toiling in a laboratory, coming up with some great invention. It’s not an individual. It’s individuals. It’s multidisciplinary. It’s global. It’s collaborative.” And Katsuaki Watanabe, CEO of Toyota, offered this rather energising comment: “Everyone should be dissatisfied with the pres- ent situation and should constantly try to improve or change things. It’s important to realise that there is always something more we need to aim at. ” There were dozens of other quotable observa- tions, each unique, but the crux was largely con- sistent: innovation requires top-down leadership with full collaboration, a keen appetite for im- provement, long-term strategy, willingness to try new things and the intent to imbed innovation practices in an enduring way. Innovation is remarkable, worthy, exciting: be- cause it can permeate virtually every sector, de- partment, endeavour – and it can touch the lives of every member of an organisation. That is why it is both diffuse and varied – but a primary key to competitiveness, and profit, thus an unavoidable priority for CEOs.

HTTPS://YOUTU.BE/IIYMKOFY- COG?SI=-41JK64QMNV5O8AM

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BUSINESS SECTIONS

SECTIONS

ART & CULTURE

THE INNOVATIVE HOUSEHOLD

HEALTH & WELLBEING

PORTFOLIO

THOUGHT LEADERSHIP

EDUCATION

ENTREPRENEURSHIP

TRAVEL

SPECIAL FEATURES

TRANSFORMATIONS

CONVERGENCE QUEENSLAND

ADVANCED MANUFACTURING

FINANCE

SCIENCE

PSYCHOLOGY & SOCIOLOGY

CONNOISSEURS GUIDE

CITIES - URBAN DESIGN

MANAGEMENT

TECHNOLOGY

POLICY & ECONOMICS

BEYOND FASHION

SEE OVER FOR ARTICLE LINKS AND NAVIGATION

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CONTENTS Navigation links

SPECIAL FEATURES ZAHA HADID: THE GREATEST ARCHITECT OF THE 21ST CENTURY? COMING SOON LITTLE KNOWN FACTS …. THINGS YOU PROBABLY DIDN’T KNOW ABOUT INNOVATION FINANCE INVESTING FOR GOOD - Max Cappetta AMAZING FACTS RESPONSIBLE INVESTORS WILL SHAPE AUSTRALIA’S FUTURE - Simon O’Connor FROM INVESTING TO POSITIVE IMPACT - Mathew Browning FINANCING INNOVATION: AN INDUSTRY PERSPECTIVE - David Gall WORTH WATCHING Video HOW TO LEVERAGE INNOVATION IN UNEXPECTED LOCATIONS - Harley Paroulakis QUOTES LEADERS SPEAK - FINANCE THE TRUE VALUE OF A FINANCIAL ADVISOR - Jessica Martyn JUDO BANK AND THE QUEST TO RESTORE CUSTOMER CENTRIC BANKING

FROM THE EDITORS INNOVATIA & ONE MANDATE GROUP FOUNDATION PARTNERS & SUPPORTERS

HOW TO USE THIS BOOK WHAT IS INNOVATION? SECTIONS HOW DO YOU HAVE AN INNOVATIVE IDEA IN THREE SIMPLE STEPS IDEAFLOW - BOOK REVIEW - Steph Clarke BUSINESS INCENTIVISING - Alan Carcia CAPTURING INNOVATION - Dean Pearson INNOVATION IS NOT AN OPTIONAL ADD-ON - Sammy Kumar FIRMS MUST EMBRACE INNOVATION FIRST - Mark Dodgson SMALL BUSINESS, BIG IMPACT: THE ORGANISATION EMPOWERING SMES AMAZING FACTS QUOTES STRATEGIC THOUGHTS FOR COMPETITIVE COMPANIES - Professor Michael Porter LEADERS SPEAK - BUSINESS

> Table of Contents

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CONTENTS Navigation links

TECHNOLOGY INTELLIGENT AUTOMATION: A NEW FRONTIER IN

GROWTH OPPORTUNITY - Frank Jotzo UNLOCKING AUSTRALIA’S BIOENERGY POTENTIAL - Angelo Dabala AUSTRALIA: A HYDROGEN LEADER - Kate Vidgen MINING TRANSFORMATION FOR ENDURING VALUE - Dr Guy Boggs EARTHING CARBON - Ross Garnaut ENERGY TRANSITION Q&A WITH JOHN WOOD INNOVATION THROUGH ADVERSITY: URBAN WATER REFORM - Corinne Cheeseman THE CLEAN ENERGY TRANSITION WON’T HAPPEN WITHOUT COPPER - Jessica Martyn AMAZING FACTS NET ZERO AUSTRALIA REPORT: A SIGNIFICANT COLLABORATION - Professor Robin Batterham CONNECTING THE DOTS FOR RENEWABLES ADVANCED MANUFACTURING AUSTRALIA’S FUTURE IS NOT ITS PAST - Roy Green BREAKTHROUGH INNOVATION – OPPORTUNITY FROM CRISIS - David Chuter Q&A: ENGINEERS AUSTRALIA CEO ROMILLY MADEW CUTTING EDGE MANUFACTURING ON THE WORLD STAGE REALIGNING RECYCLING WITH MANUFACTURING - Veena Sahajwalla RENAULT GOES ELECTRIC WITH MEGANE E-TECH ASTON MARTIN’S VISION CONTINUES TO DRIVE ITS INNOVATION AMAZING FACTS

INNOVATION PARKS DONE WELL PROMOTE ENTREPRENEURSHIP - Reggie Cabal AMAZING FACTS VENTURE CAPITAL PACKING A PUNCH VENTURE CAPITAL CLEAR VISION - Michael Moritz and Doug Leone SCIENCE WHERE TO NEXT FOR AUSTRALIA? - Professor Beth Webster FROM THE PRIME MINISTER: WHY SCIENCE IS CRUCIAL FOR AUSTRALIA’S FUTURE - The Hon Anthony Albanese, Prime Minister of Australia RESMED’S QUEST FOR IMPROVED SLEEP - Peter Farrell LEADERS SPEAK - SCIENCE RETURN OF THE GEDI: A FORCE FOR GOOD IN AUSTRALIA’S MEDICAL RESEARCH SECTOR - Dr Saraid Billiards ADDING VALUE WITH SCIENCE - Anne Harris INNOVATION IN SCIENCE MERCK LEADS THE GLOBAL CHARGE FOR CLEAN CHEMISTRY - Jessica Martyn AMAZING FACTS BUILDING AUSTRALIA’S INNOVATION CULTURE - Dr Robin Batterham INNOVATING FOR THE GREATER GOOD, INVENTING FOR A HEALTHIER HUMANITY

CLIMATE TECHNOLOGIES - Saranjit Singh LIFE EVENTS: SIMPLIFYING SUPPORT

MANAGEMENT WILL WE EVER BE AN INNOVATION NATION? - Ben Kehoe HIGHER CALLING - Glen Keys AMAZING FACTS MANAGEMENT IN MOTION - Videos HYBRID: NAVIGATING THE NEW NORM - Hazel Kang LEADERS SPEAK - MANAGEMENT PORTFOLIO MICROEQUITIES, MACRO HOPES: THE RUNDOWN ON INVESTING IN SMALL CAPS - Carlos Gill PERSPECTIVES ON PORTFOLIO CONSTRUCTION - Phillip Gillard WHEN VALUE INVESTING EMBRACES HUMAN BEHAVIOURAL PATTERNS ENTREPRENEURSHIP PREPARE FOR HELL - Dr Adir Shiffman AUSTRALIA’S INNOVATION CHALLENGE: 2021 & BEYOND - Phil Ruthven AM VIDEO EXTRA - THE 2023 AUSTRALIAN INTELLECTUAL REPORT YARU WATER: A FIRST NATIONS AUSTRALIAN ENTREPRENEURIAL COMPANY GOES NATIONAL LEADERS SPEAK - ENTREPRENEURSHIP FUNDING INDIGENOUS ENTREPRENEURSHIP - Dean Foley

THE INFORMATION AGE MEETS THE GOLDEN YEARS AUSTRALIAN LEADERSHIP TEAMS ADAPT TO DIGITAL TRANSFORMATION - Chris Fechner AMAZING FACTS DELL PUSHES AHEAD IN THE WORLD OF LAPTOPS AUSTRALIAN INNOVATION CAN PROMOTE DIGITAL EQUITY BEYOND OUR BORDERS - Nicholas Flood THE RISK OF A DYSREGULATED DIGITAL ECONOMY - Simon Bush A RESILIENT DIGITAL AUSTRALIA - Ken Boal THOUGHT LEADERSHIP LIGHT RAIL’S REVIVAL - Duncan Edghill FROM RUST BELTS TO BRAIN BELTS - Professor Caroline McMillen TACKLING AGRICULTURE’S INNOVATION DISCONNECT - Mark Allison THE GOLD MINE OF AUTOMATION AND DECARBONISATION - Dr Sue Keay PUBLIC-PRIVATE PARTNERSHIPS THAT BENEFIT ALL - Rob Adams WHAT IS THE “SPLINTERNET”? - Robbie Fordyce TRANSFORMATIONS RENEWABLE ENERGY EXPORTS: AN INDUSTRIAL

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CONTENTS Navigation links POLICY & ECONOMICS A TIME FOR BOLDER INNOVATION POLICY - Melinda Cilento AMAZING FACTS CAPITAL NEEDED IN AN INNOVATION NATION - Yasser El-Ansary LEADERS SPEAK - POLICY & ECONOMICS HEALTH & WELLBEING FLEXITARIAN: THE NEW DIET SHAPING THE FUTURE OF FOOD - Dr Simon Eassom MAXIMISING NUTRITIONAL HEALTH - Professor Ian Brighthope

CRUISING TOWARDS CARBON ZERO: THE EVOLUTION OF OCEAN TRAVEL UNCHARTED TERRITORY - AN OCEAN OF DISCOVERY AWAITS YOU FROM THE GASTRONOMY DIARIES - Maurice Crackentorpe MIDLIFE WANDERLUST - Joel Stratte-McClure CONNOISSEURS GUIDE BEYOND FASHION VINTAGE WATCHES THE INNOVATIVE HOUSEHOLD THE LIVING DESIGN VECTOR - David Robertson GLOBAL HOUSEHOLDS ONE THE INSIDE FURNITURE TRIBUTE TO THE ITALIAN MASTERS OF MID- CENTURY LIGHTING DESIGN

GLOBALLY COMPETITIVE BUSINESSES IN QUEENSLAND AN INNOVATIVE APPROACH TO THE FUTURE OF HEALTH THE JEWEL OF THE SUNBURNT COUNTRY INTERVIEW WITH THE FORMER QUEENSLAND PREMIER: INVESTING INTO QUEENSLAND’S INNOVATION AND ECONOMIC FUTURE REGIONS NEED SUPPORT TO DO THE HEAVY LIFTING

PSYCHOLOGY & SOCIOLOGY IN MOTION - Videos CITIES - URBAN DESIGN CANBERRA – AUSTRALIA’S INNOVATION CAPITAL - Andrew James Barr WRITING ON THE WALL - Richard Wynne THE TECH COOLING AUSTRALIA’S URBAN HEAT ISLANDS - Aoife Hilton URBAN DESIGN VIDEO GALLERY ART & CULTURE RESPECT THE HUMANITIES - Dr Tony Golsby-Smith BOOK REVIEW: IMAGINABLE BY JANE MCGONIGAL AMAZING FACTS THE ART OF FESTIVALS BOOK REVIEW: BRAVE NEW WORK BY AARON DIGNAN BOOK REVIEW: CULT STATUS BY TIM DUGGAN FEAR NOT - Thomas Keneally TRAVEL THE TAO OF TRAVEL - Maurice Crackenthorpe 12 INSPIRING DESTINATIONS - Maurice Crackenthorpe AMAZING FACTS NEW HORIZONS FOR THE CRUISE INDUSTRY SETTING SAIL: THE REMARKABLE EVOLUTION OF LUXURY OCEAN TRAVEL

ON JOURNEY TO NET ZERO - Julia Spicer FUTURE PROOFING FOOD AND FIBRE THE INNOVATIVE SCENARIOS TESTING QUEENSLAND’S DISASTER STRATEGIES

3D-PRINTED BRAINS AND DIGITAL TWINS: GOLD COAST’S TRAILBLAZING MEDICAL RESEARCH BREAKING BARRIERS: QUEENSLAND’S MISSION TO EMPOWER FEMALE ENTREPRENEURS QUEENSLAND POISED TO SUPERCHARGE ECONOMY WITH CLEAN ENERGY QUEENSLAND IS A HUB FOR EXTENDED REALITY TECH QUEENSLAND – A POWERHOUSE FOR LIFE SCIENCES, BIOTECHNOLOGY, AND MEDICAL SCIENCES GROWING A WORLD LEADING BIOTECHNOLOGY INDUSTRY IN QUEENSLAND MUSEUMS AND INNOVATION: AN OXYMORON? - Dr Jim Thompson

EDUCATION MORE THAN A TOY HOW TO BE SMARTER - Julian Cribb THE CYCLE OF LIFE (STEM) LEADERS SPEAK - EDUCATION AMAZING FACTS EDUCATION IN MOTION - Videos PSYCHOLOGY AND SOCIOLOGY PIONEERING ONLINE MENTAL HEALTH SUPPORT - Helen Christensen AMAZING FACTS

MODERN LIGHTING ALL ABOUT DESIGN

WHERE HAS THE LEADERSHIP IN THE AUDIO AND ENTERTAINMENT REVOLUTION COME FROM? BRICKWORKS CONVERGENCE: QUEENSLAND QUEENSLAND: A BRANCH OFFICE STATE IN A BRANCH OFFICE COUNTRY - Ben Kehoe THE “QUEENSLAND ENTREPRENEUR” – GROWING

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How to have an innovative idea in three simple steps

Quick: come up with an innovative idea! If you’re anything like most of the thousands of executives and graduate students I’ve coached over the last baker’s dozen years, panic alarms just went off. “You can’t just do that,” you might think. “Innovation doesn’t obey instructions – or follow rules.” But the truth is, the creative process is hard- ly a mystery – in fact, it can be broken down It’s a common misconception that ideas come from nowhere, pouncing on unsus- pecting ideators unannounced. Nothing could be farther from the truth. Brilliant ideas come to those who have de- veloped something of an obsession for a par- ticular problem, and so the question begs to be asked: “What’s your problem?” The simple way to discover your problem is the aforementioned bug list. I’m not referring to errors in lines of code. This is an assign- ment we’ve been giving students at Stanford since the 1960s, long before computer pro- gramming entered common parlance. into three simple steps. Step 1: Make a bug list Want to generate a game-changing idea? Stanford University’s Jeremy Utley delves into the three-step process of fostering innovation.

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Essentially, a bug list is a running list of things that “bug” you. That’s how Lorraine Sarayeldin stumbled upon the initial spark for what would become her food business, Pom Pom Paddock. She became obsessively attuned to the things that annoyed her – like, for example, making cauliflower rice by hand for every meal. Forget about the solution in these early stag- es – instead, keep a bug list and, over time, you’ll find a problem worthy of your attention. “The process of innovation comes down to trial and error – testing new concepts and seeing what leads further down the path towards progress.” Because limiting your search to “good” is practically hopeless. Instead, you should be looking for more ideas – and the best way to start the flow is to generate bad ones. In her acceptance speech for the Innovators Award at the 2023 iHeartRadio Music Awards, singer–songwriter Taylor Swift attested to the value of bad ideas within the creative process. “I really, really want everyone to know, espe- cially young people, that the hundreds or thou- sands of dumb ideas that I’ve had are what led me to my good ideas. You have to give yourself permission to fail.” Step 2: Generate bad ideas Why start with bad ideas?

Generate bad ideas, and your failure-avoid- ing mind will eventually do the rest. Step 3: Try out more than one The last piece of the puzzle is to recognise that innovation is a low-yield activity. That is to say, very few innovative ideas actually work. If you want to know how you can have an innovative idea that works (and who doesn’t want that?), then the answer is, try a bunch of the things that you think might be inno- vative and see which one actually works. There it is: three steps to innovative ideas. Jeremy Utley is the Director of Executive Edu- cation at Stanford University’s d.school, and the co-author of Ideaflow: The Only Business Metric That Matters.

HTTPS://YOUTU.BE/ONTBQ33EDX- 4?SI=ABKHTMW23BK9MACJ

Video: By the end of this talk, you’re going to have a solution to every problem – or so Stan- ford Professor Jeremy Utley confidently asserts in the first few moments of his discourse on innovation.

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IDEAFLOW BOOK REVIEW Jeremy Utley and Perry Klebahn think you should measure your ideas. The Stanford Hasso Plattner Institute of Design (aka dSchool) professors call this metric your Ideaflow, which is also the title of their 2022 book on the subject. By Steph Clarke T hey propose that all problems are idea problems at their core. Whether you’re trying to invent a new product, solve a difficult HR case, or find new clients; the more ideas you have, the better off you’ll be. In fact, improving your Ideaflow will not only help you solve more problems, it will also make your work more satisfying and enjoyable. What more could one want?

“The irony is that most organisations are so risk-averse that they’d rather execute an average, safe idea than test a brilliant, bold one.”

“You can’t get good ideas overnight. You need to keep them flowing in good times and bad. Ideas are solutions to future problems. They represent tomorrow’s profits. No ideas, no tomorrow .” Importantly, your Ideaflow is not the num- ber of ideas you execute on, but the number of initial ideas you generate, because quanti- ty is the gateway to quality. Ideaflow as a met-

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ric is calculated as the number of novel ideas someone can generate in a given amount of time. If you set your timer for two minutes, and generate ten ideas, your Ideaflow metric is five (ten ideas divided by two minutes). They suggest measuring this at the start of your Ide- aflow improvement journey, and again once you’ve been using the techniques in the book in order to judge your progress. After making the case for improving your Ideaflow, the book dives deeper into two main categories of Ideaflow improvement; testing, and elevation.

The elevation section of the book was more repetitive of many other books or podcasts on creativity and innovation. We’re remind- ed to think laterally about our problems by looking at different industries, collaborate with other people, collide two ideas together to create a new one, put a waterproof note- book and pen in our showers. However, the testing section contained ide- as that are worth spending more time on. How often do you test your ideas in measur- able and novel ways that go beyond asking a couple of stakeholders for their thoughts?

Vibrant miracles of nature for all eternity.

Perry Klebahn and Jeremy Utley

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Testing is an underused phase of the inno- vation process that’s often skipped or un- der-funded, at the expense of an outstanding outcome. The irony is that most organisa- tions are so risk-averse that they’d rather ex- ecute an average, safe idea than test a bril- liant, bold one. But, before you jump to send out another customer survey, the authors state in no un- certain terms that “surveys are useless”. They claim that you need to judge people by their actions, not their words or sentiments. There- fore, effective tests should involve some kind of transaction; clicks, sign ups, purchases, or commitments. Throughout the book, Jeremy and Perry share examples from the biggest, most crea- tive organisations alongside stories from stu- dents who have gone through the dSchool program. There’s examples from startups alongside stories from corporates who have needed to rethink their own appetite for learning by getting used to thinking small- er and using pilots and prototypes to evolve their organisations. BARK, the dog toy and treat subscription box company, tested their early product by showing prototype boxes to their dog-owning friends. Rather than just getting their friends’ feedback on the boxes, the BARK owners re- ally tested how much their friends liked the box by getting them to buy one on the spot. This level of commitment is the true proof of the quality of an idea, and generated their first customers. Compare this to the story of a shopping mall, where the execs had the idea to build a beer garden on their top floor to attract

and comparatively inexpensive test would have saved hundreds of thousands of dollars of their big build project, not to mention the time and energy wasted on a dud idea that could have been spent properly testing a suite of other ideas. This is just one or many examples shared in the book of why, and how, businesses need to exercise the discipline of rigorous test- ing. Sir James Dyson tested one variation a day for four years to refine his bagless vacu- um cleaner; tweaking, measuring, and docu- menting throughout. The authors emphasise that sometimes it’s the quality of your test that’s the problem, not the product or service you’re trying to test. Ideaflow is not the full picture of the inno- vation process, but it’s not designed to be. It’s

one element that’s easy to isolate, improve on, and achieve some meaningful impact from doing so. At times, the book feels like it falls into the category of ‘books that should have been a series of punchy blog posts’. However, it is easy to read, the examples are up-to-date and relevant, and the authors have done a good job of including case studies that resonate with the contexts and realities of a variety of readers. If you’re frustrated with your organisation’s approach to innovation, feel like your team is stuck in a void of ideas, or you’re feeling de- flated after a few idea flops, you will almost certainly walk away from this book with new techniques and interesting conversations to experiment with.

office workers and revive their struggling space. Armed with their good idea, manage- ment surveyed mall customers to ask if they would check out a prospective beer garden. An overwhelming majority of customers said they would. Surely this could only be a re- sounding success? Buoyed by this clear vote of confidence, the mall invested hundreds of thousands build- ing the beer garden. It was well stocked with craft beers, a luxury fit-out, and gourmet food. One month after opening, the beer gar- den was attracting fewer than a dozen cus- tomers a night. Why hadn’t the shopping mall spent just a few thousand dollars on a temporary pop up bar, to test people’s commitment? A simple, “Why hadn’t the shopping mall spent just a few thousand dollars on a temporary pop up bar, to test people’s commitment? A simple, and comparatively inexpensive test would have saved hundreds of thousands of dollars of their big build project, not to mention the time and energy wasted on a dud idea that could have been spent properly testing a suite of other ideas.”

HTTPS://YOUTU.BE/PTE-0CYAQHC?SI=B9ZAJ04YQEZ1WMY0

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BUSINESS

BUSINESS From operational strategies and indexes to R&D tax incentives, forward-thinking organisations are taking all measures necessary to increase and maintain innovation. Articles: Incentivising - Alan Carcia Capturing Innovation - Dean Pearson Innovation is not an Optional Add-On - Sammy Kumar Firms Must Embrace Innovation First - Mark Dodgson Small business, big impact: the organisation empowering SMEs Amazing Facts Quotes Strategic thoughts for competitive companies - Professor Michael Porter Leaders Speak - Business

INNOVATIA

| Business

INCENTIVISING

“For the sake of four in five Australians in the workforce, policy must work in support of our services industry.”

G lobally, governments provide programs to support business investment in R&D. For the past 35 years, R&D tax incentives have provided Australia-based businesses with financial support to develop new and/or im- proved products, processes, services, devices and materials. A country’s R&D policy settings must align with its broader strategic economic objectives, including productivity and other growth drivers. Productivity is often defined as the ratio of a vol- ume of output and a volume of inputs. It meas- ures how efficiently production inputs (such as capital and labour) are used to produce a certain level of output. It follows that Australia’s ability to improve its standard of living depends, in large part, on its ability to increase output per worker. In addition to demographic changes and labour force par- ticipation, productivity is a key determinant of long-term economic growth. For firms investing in R&D, Alan Garcia believes one policy tool has an outsized – and measurable – impact.

Australia’s productivity is going backwards Empirical evidence indicates that higher pro- ductivity is tightly linked to higher wages. Un- fortunately, the 2020 Productivity Commission report Can Australia Be a Productivity Leader? showed that labour productivity fell in Austral- ia for the first time since 1994, by 0.2 per cent. Australia lags behind the United States, France and Germany, ranking sixteenth in productivity among OECD member nations, despite ranking fifth in number of hours worked per person. An average worker in the US can produce in four days what it takes an Australian worker five days

to produce. Australian workers produce less per hour than German and French workers. The challenges for Australia are our land mass, low population density and remoteness, and the effects that these have on efficiencies of scale vis-a-vis production/manufacturing and distribution channels. These are factors that un- doubtedly influence our productivity results. It is important to note that approximately 80 per cent of Australian employment relates to the services industry. Therefore, increasing pro- ductivity in that field to drive economic growth must be an immediate focus for policymakers.

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| Business

Stability and predictability needed Industry investment, particularly as it relates to services and technology, is a strong enabler of productivity growth. But businesses that in- vest in R&D require stability and predictability to plan their R&D investment in the face of glob- al economic volatility, particularly in light of the post-COVID-19 economic conditions. Research has shown that the beneficial effects of R&D tax incentives are greatly reduced when those incentives are modified frequently. By creating a stable program and committing to an internationally competitive R&D tax incentive, Australia will be able to attract investment and retain positive “spill-over” effects that will pro- mote productivity and economic growth in the long term. Frequent changes and reductions to R&D tax incentives reduce efficacy and lead many companies to consider either locating their R&D programs elsewhere and/or reduc- ing their operations locally. Proposed changes to Australia’s Research and Development Tax Incentive (RDTI) saw a corresponding drop in Australia’s business expenditure on R&D as a percentage of GDP, from 1.0 per cent of GDP in 2015–16 to 0.9 per cent of GDP in 2017–18. R&D tax incentives should be designed to meet the needs of large corporations and young, knowledge-based firms while protecting local resources and intellectual property from inap- propriate cross-border planning. Recent inter- pretations by regulators of eligible R&D activity and associated expenditure have caused an el- ement of uncertainty across the business com- munity, particularly with respect to software - and technology-related R&D claims. Arguably, this has contributed to a drop in R&D expend- iture, as shown in the following graph. A com-

benefit to com- panies with a

Government Investment in the RDTI

bination of legislated reductions to the benefit, business’ lack of confidence in the program and more attractive programs offshore have all had an influence. Best practice in Europe A 2014 EU report put forward principles of best practice for R&D tax incentives, grouped into three categories: scope, target and practice. According to the report, tax incentives should, inter alia: • target expenditure that has strong knowl- edge-related flow-on effects – research has shown that larger firms contribute more to spill-over effects be volume-based (such as Australia’s RDTI) rather than incremental, as volume-based regimes are more readi- ly understood and applied, do not distort investment planning and incentivise R&D expenditure at all levels • provide a carry-over facility to enable firms to receive the benefit even when they are not yet profitable (such as cash refunds, as per Australia’s RDTI) • target younger and smaller firms – Aus- tralia’s RDTI provides a relatively generous “By committing to an internationally competitive R&D tax incentive, Australia will be able to attract investment and promote long-term productivity and economic growth.”

turnover under $20 million, and this is one of the strengths of the exist- ing program • conduct systematic evaluations (according to international stand- ards) to ensure the efficacy of the regime. Both global and local research supports the contention that R&D centives improve productivity,

2,500

2,000

1,500

1,000

500

tax in-

gener- ate impor- tant spill-overs, and support STEM 0 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 Refundable Non-refundable Source: Australian Government Department of Industry, Science, Energy and Resources. (2019). Science, research and innovation (SRI) budget tables (2019–20).

employment and wage growth. There is, how- ever, a tension between the attempts of gov- ernments to reduce taxes foregone as a conse- quence of R&D tax incentives and the need to acknowledge the critical short-, medium- and long-term benefits that such incentives pro- vide. If R&D tax benefits are reduced or restricted, it is considered that companies may reduce their existing baseline R&D expenditure in Aus- tralia (by reducing product and process R&D), defer higher-risk R&D and/or undertake R&D elsewhere. Alan Garcia was the Asia Pacific Regional R&D Partner for KPMG, between 2000 and 2020

Video: Research and Development, commonly shortened to R&D, can be an expensive pro- cess, but you get what you pay for – in this case, ongoing opportunities for product and service improvement, happier customers and clients, and strong prospects for growth within the business. The key? The right incentives to get business owners investing – more detail in this video.

INNOVATIA

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business conditions. While traditional indicators of innovation – R&D spending, patent filings, labour-force skills, broadband accessibility, startups, collabora- tions between business and higher education – add to our understanding, they often underes- timate innovation by skewing results in favour of large businesses with a structured approach. NAB’s Behavioural Economics team sought to develop a new proxy by breaking down the key drivers of innovation to construct the NAB Busi- ness Innovation Index. Derived from a survey of around 1700 Australian businesses, the annual index is based on the extent to which firms have made improvements that led to greater efficien- cy and cost savings.

I n business, innovation can seem like an ab- stract concept, yet it is common across the entire sector. Many business owners innovate continuously, but few perceive themselves as innovators or call what they do “innovation”. In fact, a vast majority of business owners underes- timate their own level of innovation, and there- fore do not consider Australia to be a “highly” innovative country. This view is particularly prevalent among very large firms and can shape their view of Austral- ia’s short- and medium-term economic outlook. Most businesses also view the culture of innova- tion within their industry sector as being much weaker than within their own business. Impor- tantly, highly innovative firms are typically more optimistic about Australia’s future and their own Dean Pearson and the team at NAB has been following businesses since 2016 in an innovation index. CAPTURING INNOVATION How can we track progress in innovation if we do not have something to measure it against?

“There is no shortage of innovative ideas – only of recognition”

In 2020 we saw innovation ratings tumble to all-time survey lows amid widespread supply chain and cashflow disruptions, forced business closures and labour shedding in the wake of COV- ID-19. Businesses often opted to do nothing rath- er than make drastic or rapid change, a phenom- enon known as status quo bias. Many business owners also considered past choices to be safer based on the principle of loss aversion, which infers that the pain derived from losses is great- er than the joy derived from gains. However, the overall index masked some fundamental chang- es in the way many Australian businesses were operating and adapting.

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Examples of pandemic-driven pivots included: • cabinet makers producing plastic protection shields • tech companies providing “ibots” to assist call centres in managing higher volumes • motels becoming quarantine centres • real estate agents conducting online auctions • distillers producing hand sanitisers • pharmacies using mobile terminals to take prescriptions to customers’ homes. While overall innovation fell during the pandem- ic, the index highlights the ingenuity businesses have shown in adapting to a post-virus world. Necessity is clearly the mother of invention: some of the sectors hit hardest by the pandemic, such as Recreational and Personal Services, Ac- commodation and Cafes and Restaurants, were among the most innovative. The research sug- gests small businesses innovate more than they realise, with a break point of energy and dyna- mism occurring at around ten years of operation. Innovation can be “radical” (the development of a transformative new business, product and/or process) or “incremental” (an improvement to an existing product, service or process), with the lat- ter being much more extensive among SMEs and more likely to go unreported. While innovation can have a strong, positive impact on business performance, the most innovative firms tend to be at opposite ends of the spectrum. In high-performing firms, innovation is often ac- companied by capital investment that diffuses it throughout the organisation and drives further growth. Large businesses typically innovate to drive growth and revenues, while SMEs are more likely to be motivated by differentiating their busi- ness, widening their customer base, managing

change and responding to key trends. The research also revealed certain culture-build- ing benefits of innovation. Innovation is strongest in firms with strong leaders. Other key factors driv- ing a culture of innovation include embracing new technology, execution, customer focus and vision. SMEs with a strong culture of innovation tend to foster a high level of stakeholder involvement. Also at the heart of a thriving innovation culture are imperatives such as knowing their markets and customers, undertaking constant process re- views, learning from failure, and stoking passion and drive. Relatively few businesses, though, have well-de- veloped processes or structures in place to prior- itise the approval and funding of innovation pro- jects. Funding is also critical; SMEs are most likely to self-fund their innovation activities, whereas newer businesses generally source their funds from gov- ernment grants, crowdfunding or family and friends. Finally, most SMEs have an immature approach to innovation measurement – a requirement to sus- tain high levels of systematic innovation. Dean Pearson is the Head of Behavioural and In- dustry Economics at NAB. He has over 25 years of experience in analysing the economy both in Aus- tralia and globally.

“What goes up comes down (and sometimes vice versa) - if that isn’t the primary lesson of business, what is ?”

HTTPS://YOUTU.BE/0DPM- FD-LFIS?SI=ZW4VT0E-ZFO0JNOL

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Innovation is not an optional add-on

Innovative companies integrate their strategy not just into the operating model but into its culture as well. Companies that lose the drive to innovate risk losing staff skilled in driving innovation, writes Sammy Kumar .

I nnovation is not just a necessity for business but an aspiration of humanity. Often, at some point in a business’ evolution, management of the status quo overwhelms its true mission and purpose. The business wants to remove risk, re- cover investment and maintain market share; meanwhile, the skill set that drove innovation fades or moves on. Too many Australian companies have posi- tioned innovation as an abstract growth initi- ative as opposed to a core competency. This pits the existing revenue-generating business against a set of smaller, seemingly inconsequen- tial initiatives that will, in maturity, drive a bet- ter customer experience and higher margins. The separation of innovation from the core busi- ness rarely works, as innovation will not catalyse growth if it is not integrated into the operating model and culture. Integration enables businesses to embrace both new ideas and competitive threats. It also creates an inclusive culture, sharing the respon-

sibility of finding efficiencies, enabling data-driv- en decision-making and accelerating staff per- sonal development to ultimately deliver better customer value. “Innovation being integrated into the core business creates a model of better customer service experience, higher margins and accelerated staff development.” The problem for any organisation in a so-called business-as-usual phase is the relative impossibil- ity of innovating the operating model. This, in turn, makes the business inefficient, slow to respond to competitive threats and vulnerable to disruption. It also commonly creates a dysfunctional culture that inhibits all the possible benefits of innovation. In this case, trying to overlay innovation practices

INNOVATIA

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will not drive the desired outcomes and may even hasten a cultural decline. In the past two decades, Australia has emulated many global models. We have spent big on incu- bators, accelerators, innovation labs and funds. Businesses and government green lit these initi- atives, believing they would lead to high-growth models on the side without disrupting the status quo seen in companies like Amazon that contin- ue to lead the world in return on R&D funding. To replicate this example, other businesses would need to remove dividends so that capital could be invested into the rebuild of foundational infrastructure and shift the focus from risk reduc- tion to core innovation. The two biggest mistakes in business were trying to run new models on top of legacy foundations, and assuming the custom- er base would be converted into new models by direct marketing. The very few success stories from this approach reduced both the willingness to innovate and the level of investment. Big business in Australia was not comfortable with failure and did not consider it necessary to driving innovation across the organisation. Un-

like many governments across Asia, the Austral- ian government did not support new products and services. As a result, many Australian busi- nesses lag international contemporaries in de- veloping unique intellectual property and highly innovative business models. Key skill sets flowed overseas to environments “As we work towards an innovation culture, two things must be inevitable in business: transformation – technological and otherwise – and failure.” where new ideas were accepted and supported by vigorous funding ecosystems. In Australia, an innovation mindset is required to reduce reliance on natural resources and strengthen the econo- my against the impact of fluctuations in demand. Business in Australia requires an energised

transformation effort. Operating-model transfor- mation is key to ensuring the success of Australian business against competitors with better access to funding and technology. Technology transfor- mation is also essential, and if the core technol- ogy is no longer fit for purpose, then disruption is inevitable. Business must have the capacity for core innovation in order to drive two factors: a lower-cost technology transaction and the ability to deliver cost-effective business advantages. In focusing on operating-model and technol- ogy-foundation transformation, businesses will undergo a reset period, develop a culture that considers innovation a core competency, and ar- rive in a position to compete, but commitment is essential. Businesses need to accept failure as the cost of building an innovative enterprise. Finally, businesses should articulate a moat in detail, which should become the business mis- sion and the desired outcome of a transformation effort. This requires that the company innovate the operating model and the technology founda- tion of the business, and ultimately establish an active culture in which innovation is once again

a core competency. This new enterprise will be a beacon for inspired leaders, present and future. Sammy Kumar is the Co-founder of Sayers Group, an advisory, innovation and investment business, purpose-built for the new economy. Prior to this he was Managing Partner for PwC Australia’s Enter- prise Business, Strategy and Transformation, and its Asia practice.

HTTPS://YOUTU.BE/47MTG-WSKNK

Video: Tim Brown, CEO and President of the de- sign consultancy IDEO, describes the key build- ing blocks – from an open mind to an empathic approach to business.

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FIRMS MUST EMBRACE INNOVATION FIRST Science and research provide new opportunities for Australia to change its business culture, and governments can facilitate greater activity, but innovation performance depends on actions in business, according to Mark Dodgson . M ost innovation in every nation happens

tive technological change. Science and research provide new opportunities and governments can facilitate greater activity, but innovation perfor- mance depends on actions in business. Firms are adjusting to progressive movements such as #MeToo and Black Lives Matter, and to a majority-millennial workforce with evolved expectations of the working life. Pre-COVID-19, moves were afoot to rethink the purpose of busi- ness amid growing evidence that addressing so- cietal issues and stakeholders’ priorities helps produce long-term value. A new approach to in- novation has to be part of this reformation. The US Business Roundtable of leading CEOs questioned the singular pursuit of sharehold- er value, as opposed to the creation of value for stakeholders including employees, custom- ers, suppliers and the broader community. The World Economic Forum’s “Great Reset” is mar-

shalling support for a fundamental reset of the foundations of the economic and social system, providing a framework for the rethinking and reshaping of business purpose and behaviour, and the creation of a more equitable, sustaina- ble and resilient future. What is to be done? Australian firms have to rethink and reset their in- novation strategies, processes and practices. This will require the search for new opportunities and the astute application of novel governance ar- rangements, different organisational structures and more appropriate performance metrics. Universities have a role to play in creating new options for the future, though business schools need to collaborate with firms and shift training imperatives towards fostering skills in innovation and entrepreneurship.

approaches, with the bulk of activity devoted to in- cremental changes, a proportion directed towards more substantial initiatives, and a small element designed to explore future options. Even the most innovative firms need collabo- ration – with suppliers, customers, other firms and research institutions. Successful firms have innovation strategies and effective processes in place to manage innovation, including in R&D and new product and service development, linking them with business objectives. They also have supportive governance structures, typically involving board-level responsibility for innovation, regular reporting on performance and clear and consistent articulation by leaders on the importance of investment in innovation. Such firms percolate the understanding that innovation is everyone’s responsibility and cir- cumvent obstacles to change. What is new? Firms are navigating the turbulence created by the pandemic, threats to global trade and institu- tions, political and social polarisation, and disrup-

in firms. Australian businesses have a mixed record in innovation. We have some outstanding successes, for example, in parts of the mining, food and health industries, some service sectors and technology start-ups. However, we simply do not have enough of them to rebalance the economy in the face of the challenges that lie ahead. Amid the re-assessments taking place since COVID-19, there is a priceless opportunity for businesses to rethink how innovation is managed and, more fundamentally, reassess its nature and purpose. Factoring in ongoing political turmoil and the climate crisis, conditions are prime for a fundamental reset of innovation in business. What do we know? Research over the past 70 years has found that in- novative businesses live longer, grow more and generate larger profits. Innovation is found in new products and services, operations and production, organisational structures, paths to market and business models. Innovative firms adopt portfolio

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