Innovation has always been an important part of business in the Hunter and as testament, there are many businesses able to compete with world-class products or services. Whilst there is plenty of room for improvement, right now the level of innovation is vibrant. This is particularly so in the ‘newtech’ areas such as information technology and alternative energy. Even in established enterprises, there is a growing awareness of the benefits of adopting a more innovative approach to business.

 

Hunter Research Foundation, in collaboration with mentoring and investment group Hunter Founders Forum (HFF), identified in its ‘Innovation in Hunter Businesses’ research that nearly one-third of Hunter businesses had introduced new goods or services in the previous 12 months.

 

Many individuals and organisations in the Hunter have been working hard for many years to encourage innovation in the region. Much of that hard work is starting to produce returns. We are also seeing a new breed of local, savvy and well-educated innovators, applying their skills in new enterprises. The University of Newcastle, Hunter TAFE and other educational institutions, are focusing on developing a culture of innovation in the Hunter. Government policy at Federal, State and Local levels is also playing an important part.

 

We have over 12 community organisations focused on facilitating innovation, particularly for start-up and early stage enterprises. These include HFF, Hunter Angels, Rights House, Eighteen04, Slingshot, Newey StartUps and Lunatics. Established organisations with a major focus on innovation include Hunter Research Foundation, AiGroup, The Business Centre, HunterNet, RDA Hunter and Hunter Business Chamber.

 

HFF was established in 2006 as a not-for profit organisation with an independent voluntary board. HFF focused on assisting innovators and adapters take their idea to market through mentoring, networking and education.

 

HFF has enjoyed many successes, including:

• Hosting breakfast meetings in Newcastle, the Upper Hunter and Central Coast, to showcase innovative enterprises

• Facilitating the establishment of two angel investing groups (Hunter Angels and Rights House)

• Hosting the national conference of the Australian Association of Angel Investors in Newcastle

• Creating a network of nominated advisors to support innovative enterprises

• Facilitating the growth of the Hunter Innovation Festival

• Supporting a range of training programs

These actions have facilitated the emergence of dozens of successful enterprises in the region.

Although the strong activity in this space is exciting, by world standards the Hunter lags in most measures of innovation.

 

HFF has identified that for the Hunter to develop into a truly innovative region, what is needed is:

• Leadership

• Co-ordination

• Education and Training

• Mentoring

 

There are encouraging signs that Government and many organisations in the Hunter recognise the need for greater leadership and co-ordination of activities required for a region to be innovative. HFF is confident that this will lead to more effective outcomes that will better harness the current energy and vibrancy in the innovative space, creating jobs and opportunity in the Hunter and adjoining regions.

 

HFF is looking forward to being involved again with this year’s Hunter Innovation Festival and continuing our work with the Hunter Research Foundation.