Innovation and Creativity in Australia
Executive Summary
This assignment provides a report on the importance of creativity and innovation in Australia. In the report, the importance of creativity and innovation to the Australian economy and society will be discussed. Further, the report will provide recommendations on what Australian governments should do to facilitate creativity and innovation. Also, the benefits that Australia could realise on investing in creativity and innovation will be explained. Finally, the report will explain the challenges faced by Australia if it invests in creativity and innovation.
Introduction
Australia is among the top nations in the world whose major industries thrive under entrepreneurship and innovation. In this regard, entrepreneurship remains the most critical driver of economic growth, innovation, productivity and employment in Australia (Collins & Low, 2010). All business industries exist in Australia, and this is the result of entrepreneurship. The transport, retail, banking and finance, insurance, telecom, education, and the hospitality and tourism industries among other thrive in Australia’s economy due to creativity and innovation. However, investing in creativity and innovation is costly to most companies in the country, and other entrepreneurial ideas may be risky. The assignment provides a report on the importance of creativity and innovation in Australia.
Discussion
The world has become highly competitive, and innovative ideas are what separate Australia from the other countries in the region in terms of economic and social growth.
Why it is important for economy and society to invest in creativity and innovation in Australia?
Creativity and innovation is a critical skill that Australia requires to achieve economic growth. The need for creativity and innovation is demanded in all fields of the economy, and without entrepreneurial innovations, the economy will turn dormant. The primary reasons why the Australian economy and society should invest in creativity and innovation include the following: