NZ Innovation calls for Greater collaboration

NZ Innovation calls for Greater collaboration between Innovators

NZ Innovation Festival Response To Statistics NZ Report On Innovation

Auckland, 21 July 2004 - New Zealand Innovation, the organisation behind the successful launch of the country's Innovation Festival (www.nzinnovation.org), suggests that businesses seeking to overcome various hurdles to commercialise their innovative ideas actively collaborate and share resources.

Detailed findings from the Statistics NZ Innovation Survey, released today, highlight the three major challenges to the successful commercialisation of innovative new products and services:

* Lack of management resources - 56 per cent of all businesses surveyed rated this as the biggest impediment to innovation * Cost to develop new products, processes or services (53 per cent) * Lack of appropriate personnel (51 per cent)

Festival Advisory Co-Chair and MP for Otago David Parker says these results are unsurprising and reflect the challenges faced by most new business ventures. The Festival has showcased some of New Zealand's many successful businesses which have, or are, overcoming these challenges.

"It is important that we celebrate the achievements of those who do succeed in meeting these challenges. Their hard work, vision and risk-taking are important ingredients of New Zealand's growing export trade."

The national Innovation Festival has also facilitated networking and collaboration which over time will assist businesses involved to source the knowledge, personnel and financial resources required to help turn their greatest ideas into profitable innovations.

ENDS

For more information about Innovation New Zealand go to www.nzinnovation.org

For more information on the Statistics Innovation Survey go to www.stats.govt.nz

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