Bankwest Future of Business: 2016 Innovation Report

19 October 2016

Report findings

The industries with the most small and medium sized businesses (SMBs) leading in innovation have been identified in the latest Future of Business Series: Innovation Report.

42.4% of manufacturing, 33.3% of construction and 32.9% of retail trade businesses are classified as “Innovation Leaders”.

The vast majority of SMBs (88.8%) say their business success depends on their ability to innovate. One in three (33.4%) have specific innovation strategies planned for the next 12 months.

Future of Business Series: Innovation

Download the fourth report in our 2016 series to learn more about how SMBs are embracing innovation in their corporate strategy, and how they are planning for ‘disruptive innovation’.

About the report

Report details

  • This report has been prepared by CoreData on behalf of Bankwest
  • The research was conducted between 2 August 2016 and 11 August 2016 via an online quantitative survey of approximately 50 questions, developed and hosted by CoreData.
  • The quantitative research was supplemented by two qualitative in-depth interviews which formed the basis of the case studies
  • The sample is comprised of 500 respondents, including those in C-suite and senior management positions within small and medium sized businesses.

Targeted businesses

The targeted businesses met the following criteria:

  • Annual turnover of up to $250 million
  • From the following industries: Accommodation and food services, Administrative and support services, Agriculture, forestry, fishing and hunting, Arts and recreation services, Construction, Education and training, Electricity, gas and water supply, Finance and insurance, Health care and social assistance, Information media and telecommunications, Manufacturing, Mining, Professional, scientific and technical services, Public administration and safety, Rental, hiring and real estate services, Retail trade, Transport and storage, Wholesale trade.

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Things you should know

The information contained in this report is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this publication without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945, its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this report.