The latest NAB Labs Australian Business Innovation Index report revealed a link between organisation leaders’ encouragement of innovation and the level of innovation in the company. “Clearly, when innovation is encouraged from the top, more innovation behaviours follow,” the report said. The index, released every year, measures Australian business’ innovation across three ‘innovation behaviours’ of doing things ‘differently’, ‘more quickly’ and ‘more efficiently’, surveying approximately 1,500 Australian businesses across various sectors and sizes.
Across the index overall, business leaders were found to be only “moderately” encouraging of innovation. However, those who voted that their business leaders were “highly” encouraging were from more innovative companies. Commenting on the survey results, NAB chief economist Alan Oster told InvestorDaily that companies demonstrated they were responsive to business leaders if they ascribed importance to innovation.
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