NEW data from the Regional Australia Institute (RAI) shows innovation in regional business is alive and kicking.
The Canberra-based think-tank’s latest report, titled Innovation in Regional Australia – Spreading the Ideas Boom, showed one quarter of the nation’s 100 most innovative local government areas were based outside of capital cities.
“There are businesses in regional Australia which are fantastically innovative and there are other’s which need a real shake up but overall the picture is one of growth and there are some really high performers,” RAI’s general manager of policy and research Kim Houghton said.
RAI’s data showed there were several areas in regional NSW which ranked among the most innovative in the country.
In NSW, the top performing areas were the Southern Highlands, Griffith, the greater Canberra region including the Yass Valley, Byron Bay and South Coast. These places showed a high number of business start-ups and were backed by business support services. Singleton and Armidale ranked the highest in the state for innovative industry and service hubs and Jerilderie was named as an innovative heartland region based on the number of trademark and patent applications lodged there.
Mr Houghton said the delivery of broadband in regional areas was a crucial ingredient but other factors were at play in these stand-out economies.
“A vibrant business community relies on the networks the community has with markets and different parts of the supply chain as well as the creativity and risk appetite of business owners,” he said.
He said the depth of business skills and services in a community were important.
“Having access to IT, legal and accounting services help take an idea to a full grown business.”
Riverina business woman Simone Eyles, founder of tech start-up 365cups, agreed. She said the “can do” attitude held by many in her community helped explain the high number of successful tech start-ups there.
“People here don’t say ‘poor me’. They’re entrepreneurial – they’re focus is more on what they can do to have and achieve everything people in major cities can,” Mrs Eyles said.
The Hunter Valley’s own Trent Bagnall, founder of Slingshot Accelerator which brings corporate businesses and startups together, said entrepreneurs attracted more media attention in major cities but some of the country’s best were working in regional areas.
“There are hundreds of quiet achievers out there,” Mr Bagnall said.
“Lots of people are working on ideas but they’re hiding away getting on with things so you don’t often hear about them.”