META and UTS opened their Design Thinking for Export & Competitiveness Hub on 8 September. The META initiative aims to increase the viability of Australian manufacturing in a globally integrated and competitive industry. The hub will connect manufacturing businesses and researchers so they can share ideas to develop high value-added product and service solutions.
The hub is built around a Design Led Innovation (DLI) approach, which has particular relevance for firms wanting to expand into export markets given that the approach also provides a strategic framework for market assessment.
So right now you're asking, “Do I need help?”
These are some of the statistics that ignited META's initiative.
A KPMG survey of 460 global manufacturers found no domestic company intended to spend more than 10 per cent of their revenue on innovation. In comparison, a third of Chinese and Japanese companies and a quarter of US companies intended to spend more than 10% of their revenue on innovation over the next two years.
• One in 10 manufacturers abandoned investment in innovation in 2012, according to the ABS.
• Small to medium-sized enterprises (SMEs) face higher barriers to innovation and accordingly innovate and collaborate less often. The Hub will facilitate both.
• Compared to those that don’t, Australian business that innovate and collaborate are:
› 23% more likely to report increased productivity;
› 24% more likely to report increased profitability;
› More than three times more likely to increase the number of export markets targeted;
› 48% more likely to increase the range of goods or services offered;
› 24% more likely to increase employment; and
› 34% more likely to increase training for employees1
[ABS (2011) Data analysis commissioned by DIISRTE]
The META Design Thinking for Export & Competitiveness Hub will:
1. Connect manufacturing businesses and researchers.
2. Be a place to gain hands-on understanding and insights from members who have used design led innovation to transform their business models.
3. Bring together leaders from successful Australian firms who are already experienced with Design Led Innovation to act as mentors.
4. Facilitate hands-on understanding, support and insights into how manufacturers can use Design Led Innovation to drive export competitiveness.
5. Develop a framework and practical ‘take home’ tool kit for novice businesses to implement and integrate into their way of working.
6. Help to build design thinking capability across the Australian manufacturing sector.
