Australia’s prosperity significantly rests on the global competitiveness of its business sector. Business competitiveness is driven by the rate and type of firm-level innovation. Australia’s business sector appears to be falling behind in the global innovation race, which is a concern for business leaders and policymakers.

Innovation and Science Australia (ISA)’s report to government explores opportunities to stimulate business investment in innovation. ISA is an independent statutory board comprising entrepreneurs, researchers and educators. This report draws on the board’s experience as well as quantitative and qualitative analyses with over 180 businesses.

The report:

• identifies current levels of business innovation investment
• highlights barriers and drivers to this investment
• provides insights into the role of research and development (R&D) and non-R&D innovation in our economy
• shows how businesses are growing through investment in innovation, beyond research and development
• outlines strategic recommendations to drive investment
• discusses case studies and examples of government and business-led initiatives