corporate innovation market insights

Quarterly Market Insights – March 2019

Catch up on the latest and biggest news in corporate innovation across Australia right now including: the state of play, strategy trends, people movement and relevant reads. 


State of play of Corporate Innovation in Australia

 

Corporate leader and CSIRO chairman David Thodey has warned that a national review he is leading has found that Australia’s economic future “does not look pretty” if a “do nothing” approach is taken to major challenges posed by a new era of science and technology “disruption”.


The rapid adoption of cloud computing services to drive corporate and government digital transformation programs across Australia has led to international tech companies such as Equinox, Cisco and Zoho targeting the country for expansion, with fresh investments totalling over $326 million.


Investment in financial technology Startups more than doubled last year in Australia, according to Accenture analysis of CB Insights data.


Before implementing AI, businesses must get their data right first. Aussie digital and technology executives discussed how they are using humans and AI to improve customer experience.


 

Strategy trends in corporate innovation

 

Law firm Herbert Smith Freehills has launched Innovation 10, a program allowing staff to spend up to 10 days per year working on innovation projects. The program will support staff to work on projects such as building legal apps, working on document automation and artificial intelligence tools, or working on the firm’s blockchain and smart legal contracts project.


American tech giant Salesforce has launched a $70 million-plus venture capital fund in Australia, but funding will only go towards startups in the company’s own “ecosystem”.


The Australian government has released an Agriculture innovation vision report from Ernst and Young, which aims to set a new strategic vision for rural innovation and help Australia reach $100B in farm production.


Artesian Venture Partners has partnered with the Grains Research and Development Corporation to launch GrainInnovate, a $50 million fund aimed at agtech Startups. The fund will invest in Startups developing software, hardware, or new business models applicable to Australia’s grain growers.


Rio Tinto has announced a new internal Startup team, which will be able to roam across Rio’s operations to make improvements and shape future growth.


Kennards Hire has partnered with Fleet Space Technologies to track equipment. The partnership will allow the company to provide new services for customers such as real-time reporting of safety and environmental metrics.


CSIRO and Boeing have marked their 30-year anniversary with 20 new research projectsworth more than $6 million.


Logistics software company WiseTech Global has made one of its biggest acquisitions to date, spending $92 million on Singaporean supply chain tracking and management software firm Containerchain.


Seeley International – innovation is not a destination, it’s a journey. Great ideas come from people down the line. How is this done?


 

People in corporate innovation

 

BHP Group names Jonathan Price as their new Chief Transformation Officer in aid of big transformation push.


ANZ Banking Group have announced Maile Carnegie to lead their group wide ‘Australian’ transformation new chief transformation officers


Cardno has announced the appointment of a Nicola Dorling as Chief Digital Officer and a Chief Technology Officer to its global leadership team to enhance client value propositions and innovation.


Commercial law firm Macpherson Kelley has appointed Andrew Mitchell as its new Chief Information Officer to drive the firms continuing innovation in technology.


Just over a year in, trailblazer Renee Leon is digitizing the Federal Department of Human Services.


Are Transformation Officers replacing consultants?


What are the 10 top skills of an Innovation Manager?



Relevant reads

 

PwC’s 22nd Global CEO Survey found that CEOs believe they lack the talent needed to make use of data.


Smart investors are paying attention to the gender data gap. The absence of a gender lens means missed product opportunities for companies.


Telstra released its Disruptive Decision-Making report, revealing why the technology comfort blanket is holding back successThe research shared senior decision makers’ insights into their digital transformation programs.


 

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