Business Innovation Research

Hunter and Central Coast findings released

Download the latest Innovation in Hunter and Central Coast Businesses working paper

Monday, 6 June 2011

MEDIA RELEASE

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Regional businesses innovative

The Hunter Valley Research Foundation (HVRF) has released its latest Innovation in Hunter and Central Coast Businesses report.

The report presents the results of questions asked in the HVRF Business Monitor surveys of the Hunter and Central Coast regions. The survey has been incrementally expanded and improved and innovation research is now part of the HVRF Research Plan.

HVRF Senior Research Fellow Caroline Veldhuizen said innovation is a key driver of economic growth, improves efficiency and productivity, opens new markets, including for exports, and creates quality jobs.

 

“Our survey adopts a limited definition of innovation, which equates to whether businesses have introduced new products or services in the last 12 months, to allow analysis within a meaningful framework,” she said. “We have been conducting the research since 2009, which allows some time series analysis, but have also refined and added to the questionnaire to gain greater insight into the type of innovation occurring and what motivates it.”

Some key results from the latest research include:

  • Between December 2010 and March 2011, approximately 34 per cent of Hunter businesses and 26 per cent of Central Coast businesses had introduced new products and services in the past year
  • The proportion of Central Coast businesses innovating fell markedly in March 2011 compared to previous time periods 
  • There were significant differences in the proportion of businesses innovating by industry sector and by the number of employees in both regions
  • In both regions, businesses employing fewer than 10 people were the least innovative
  • The most important factors for innovating for businesses in both regions were satisfying demand from existing clients, expanding your client base and improving profitability.

The questions are also asked in the Upper Hunter, with results for this Region to be provided in a separate report.