More than 200 Australian organisations are ready to take on the tussle to become Australia’s innovation leaders, by registering in the inaugural, Government-supported, national business planning competition called (re)innovate challenge. 

The seven-month intense innovation program, is an all-new initiative developed by Melbourne innovative pioneers, Dynamic Horizons, aimed at providing and infusing Australian businesses with the framework and resources needed to instil innovation back into their organisations.

(re)innovate challenge is an innovation in its own right – no other business planning competition in the world has focussed on building innovation capability in existing businesses.

The recent National Innovation System Review, commissioned by Mr Kim Carr, Federal Minister for the Department of Innovation, Industry, Science and Research, showcased Australia’s current mediocre performance on the innovation front, with findings which showed that Australian innovation has stalled in the new millennium.

The Review also emphasises the need to improve the innovation capability of Australian businesses across all sectors, not just in research and science based industries which have long been the focal point of innovation policy.

According to the Australian Bureau of Statistics, less than 40 per cent of Australian businesses pursue innovation, with Australia ranking 22^nd on the Global  Competitiveness Index on innovation (World Economic Forum), unflattering figures that help set the scene to lift the bar in the innovation stakes.

According to founder of (re)innovate challenge, Tim Morris, the ground-breaking (re)innovate challenge will educate Australian businesses and help them address the main factors that impede innovation such as organisational culture that does not support innovation, lack of capability, limited access to finance and uncertainty, all in a simple and cost effective way.

“(re) innovate challenge will provide the fundamental resources to encourage more Australian businesses to pursue innovation and guide them to achieve solid results.  The challenge starts with great ideas and then focuses on the much harder task of developing those ideas into successful innovations,” he said.

“Businesses who join the challenge will learn how to develop a big idea to improve the performance of their organisation.  Offline and online training, support, creative tools and personal feedback will be provided for participating teams to convert and build the idea from its embryonic phase into an executable, comprehensive and insightful business strategy.

 “With the current fragility of the economy, it is even more important than ever to nurture a culture of innovation in Australian organisations.”

“We are also pleased to announce that Dynamic Horizons will be offering free entry to the (re)innovate challenge for the first 10 not-for-profit organisations to register as it is critical to showcase the importance of innovation in not only big business but for all organisations who thrive on creativity and inspiration.”

Businesses have until May 2009 to complete their plan and then will pitch to a judging panel that represent a wide range of industries including manufacturing, finance, hospitality and public relations.

Every participating team will be eligible to win awards in their respective state across six categories including process innovation, new market offering, business model innovation, sustainability, regional innovation and export offering. Winners of these state awards then progress to the national finals.

State and national awards and prizes will be given to the most innovative and well developed plans with the national winner be announced at a gala awards night in July 2009.

Tim Morris shares his top five tips in fostering innovation in Australian businesses:

1)       There must be a compelling need for innovation

Innovation for innovation’s sake just doesn’t work. You need to create a compelling story about why innovation is important for the business. Spread this message far and wide.

2)       Action drives culture – not the other way around

We often hear talk about the need to build an innovative culture. The best way to do this is by encouraging employees to have a go at innovation activities. This demonstrates the business’s commitment to innovation and will do more for building the culture than surveys and workshops.

3)       Innovation has a pulse

Innovation requires alternating periods of intensity and rest. Run innovation activities for a defined period of time, making sure everyone understands what needs to be delivered and by when. Drive the innovation activity hard, achieve the desired outcome, and then give everyone a break.  

4)       Have an opportunity mindset

Innovative organisations look for what’s possible. Don’t shut down ideas because they might disrupt the way you do things today. Look for new opportunities in lots of directions and embrace uncertainty.

5)       Stop talking about innovation and start doing something about it

Innovation won’t happen just because it’s in a company’s vision statement and marketing material. Create a compelling story, explore new opportunities and make sure the business is physically doing something about transforming ideas into successful innovations.    

Entries close 27 November 2008.  Go to www.reinnovate.com.au for details.