Queensland Minister for Innovation, Science and the Digital Economy and Minister for Small Business, the Hon. Leeanne Enoch, today launched Commonwealth Bank’s Pop Up Innovation Lab in Brisbane.
And at the launch, some preliminary findings on the status of innovation in Queensland businesses from Commonwealth Bank’s yet to be released Business Insights Report – Unlocking everyday Innovation were released.
The research reveals that 83 per cent of Queensland businesses claim to be innovating, but when tested against an OECD criteria for assessing innovation, only 41 were actually innovating, or being innovation active. The remaining 42 per cent were simply making improvements. It also shows that true innovation brings firms in Queensland almost one quarter more in combined revenue growth and cost savings than from firms that make improvements alone (see note).
Adam Bennett, Group Executive, Business and Private Banking, Commonwealth Bank, said: “Making incremental improvements is critically important to all businesses, but our research clearly shows that true innovation delivers much greater revenue and cost saving benefits than mere improvements.”
As part of a national tour, the Commonwealth Bank Innovation Lab will be in Brisbane from 27 October to 23 November 2016, offering businesses the opportunity to experience the purpose-built, living environment that show cases the latest in technology and innovative practices from the bank’s permanent labs.
Mr Bennett added: “We are thrilled to be able to bring our Innovation Lab to Brisbane. Our labs aren’t just about technology, they are about providing the space and expertise to ensure innovative thinking takes place, with the customer at the centre of this thinking.
“Today, more than ever, it is vital that businesses understand the evolving expectations of their customers and make significant changes to their products, services and business practices in response to a rapidly changing marketplace.”
The Lab not only features some leading edge and emerging technologies, it also creates an environment to prototype and experiment with new innovative solutions, not just for Commonwealth Bank, but for many of our customers and other partners, too.
More than 300 clients and 400 Queensland staff will have had the opportunity to make use of the Innovation Lab during its four weeks in Brisbane.
The Commonwealth Bank has a permanent Innovation Lab in Sydney and global Innovation Labs in Hong Kong and London. In 2017, the Pop Up Innovation Lab will continue its tour across the country with a further five stops scheduled for next year.
This Commonwealth Bank research involved speaking with business owners or a primary executive/decision maker with annual turnover of $500,000 to $500 million and at least two employees. Respondents were asked whether their business had implemented a new or significant change or changes to one or more of four areas across: business processes; products and services; organisational structure; and marketing practices. The responses were tested against the OECD-used criteria for identifying innovation known as the Oslo Manual.