- Australian ecosystems developing in agri-tech, med-tech and mining-tech, as well as fintech, could become influential on the world stage
- Cultural shifts amongst corporates, entrepreneurs and universities are helping fuel collaboration
- A more relaxed approach toward intellectual property from universities and businesses promises to boost innovation
- Big companies are benefitting, but continued risk-aversion could hem in ecosystems’ growth
New research published today by The Economist Intelligence Unit (EIU) finds that collaborative digital ecosystems are taking firm root in Australia. A constellation of factors have combined to catalyse their growth: expanded availability of venture capital and other sources of investment funding; a mushrooming of entrepreneurial support structures such as accelerators and co-working spaces; a government push to encourage commercialisation of science-based innovation; changing approaches to intellectual property (IP); and shifting cultural attitudes toward collaboration, particularly amongst large businesses.
Experts interviewed by The EIU in the Changemakers series of articles, sponsored by the Commonwealth Bank of Australia, believe that local networks taking shape in agricultural, life sciences and mining technology, amongst other fields, have the potential to make unique contributions to innovation beyond Australian shores. Rapidly growing fintech communities in Sydney and Melbourne will also help the country compete for Asia-Pacific leadership in that field.
Australia’s large companies are far from passive participants in digital ecosystems, the research finds. Many established businesses are taking active or leading roles in them, often with the intention of developing new internal capabilities or changing ingrained internal practices. These firms are major sources of innovation in their own right, and many are shedding their inhibitions about sharing data and ideas with collaborative partners.
Charles Ross, the editor of the articles, said:
“Strong internal pockets of resistance to collaborative innovation remain in corporate Australia. These inhibitions must be shed, as the pressures to innovate with expanded digital capabilities are not going to abate, and few companies are in a position to do this alone. Taking part in collaborative digital ecosystems improves the chances of pulling this off.”
The series of articles is available to download here.
The Changemakers series consists of four articles: one outlining the drivers of ecosystem growth; one exploring the shifts in cultural attitudes amongst stakeholders; one examining the motivations of Australian corporates in being part of such ecosystems; and another looking at shifting attitudes towards IP. The articles are based in part on eight in-depth interviews conducted with corporate executives, entrepreneurs, venture capitalists and academics.
About the Economist Intelligence Unit
The Economist Intelligence Unit is the world leader in global business intelligence. It is the business-to-business arm of The Economist Group, which publishes The Economist newspaper. The Economist Intelligence Unit helps executives make better decisions by providing timely, reliable and impartial analysis on worldwide market trends and business strategies. More information can be found at www.eiu.com or www.twitter.com/theeiu.
About Commonwealth Bank of Australia
Commonwealth Bank of Australia Group is the leading Australian banking and financial services provider and one of the largest companies listed on the Australian Stock Exchange (ASX). We are one of the top ten banks in the world by market capitalization.
Since beginning in 1911 as a domestic bank for Australian families, we have grown to offer a full range of banking and financial services products to consumer, business and institutional customers in more than 11 countries across the world.
We have become one of the world’s leading financial institutions offering insurance, superannuation, financial advice, share trading and funds management to millions of customers. Our financial services brands include ASB, Bankwest, Colonia First State, CommInsure, Commsec and Colonial First State Global Asset Management.
We employ more than 51,000 people around the world. We have more than 800,000 direct shareholders with many more who own shares through their superannuation or retirement plans.
For more information about who we are and our history please visit ‘About Us’ page.