What is driving the buzz around innovation? We asked Perth’s business leaders

shutterstock_Innovation Blog Post

The Right Group hosted a series of breakfast discussions with Perth’s leaders on the subject of innovation. Everybody agreed that innovation is a hot topic at the moment and one of the questions we asked was what was fueling the buzz in the market? Here is what they said.

  • Challenging market conditions getting ahead of your competition so you are sharper, leaner and able to deliver at the right price point.
  • Innovate or die digital disruption in your industry leads to a drive towards innovation. Industries we relied upon have been disrupted so we need to find new ideas to fill the gap. Every single business has some component that can be taken away due to digital technology.
  • Rate of change the need for business to drive the change rather than have the change drive us – the desire to be in control.
  • Product led – we have to change what we are doing as the market for our product has disappeared.
  • Desperation creates opportunity for innovation.
  • Need to look for the next curve unlike Kodak!
  • State Economywe have to look for what WA can stand for in the future and develop alternative industries that can cover the gap left by future downturns in the resources sector.
  • Expectations for the Government to encourage an innovative culture. The country is drifting so a national focus on innovation is required.
  • “Fat and lazy” lived off the mining boom. We are long behind and have not capitalised on the resources boom.
  • Fear –Sense of excitement – Airbnb, Uber – it does work.
  • To stay in touch with consumers.
  • Desire for improvement and growth – if it is all about fear you are not in the right mindset to innovate.
  • Driven by young people who have energy and confidence.
  • Driven by cost reductions, but you can’t cut costs alone, you need to innovate.
  • Now it is easier to get involved in innovation, the challenge is how to turn the hype into systemic behaviours.