WATCH: What makes an innovative environment

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This post is part of the Innovation Insights series, sponsored by CommBank. At CommBank we believe innovation starts by asking questions. Discover new ways to keep your business moving. Start today at commbank.com.au/canbusiness.
Nick Cloete, founder and CEO of Kounta

The pace of new technologies, new methods of business, hitting the market and being adopted, has never been faster. The innovation cycle is now incredibly short, measured in days and weeks instead of months and years.

As businesses feel pressure to develop and adopt these new ideas, they need to consider what makes an innovative environment — how can they foster a situation where ideas are fostered and adopted?

Speaking at a recent innovation panel at the Commonwealth Bank Innovation lab in partnership with Business Insider, leading Australian entrepreneurs put forward different visions of what innovation is and how it comes about.

In this highlight, James White, Senior Analyst at Colonial First State, explains that innovation comes about because of competition and collaboration, working together to incentivise and enable new thinking.

Now watch: This is what innovation looks like in the real world

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