Innovation is all about that one good idea, right? Not so fast - the real innovation lies in working out how to make money from it.

Innovation and how it will drive the evolution of business in Australia was the topic under discussion at NSW Business Chamber’s recent Innovation and Future Industries Forum.

Available to view on YouTube, the event saw the Chamber invite innovators, start-up incubators and academics to look at new and emerging innovations and identify where the current shifts are in employment and skills across industries. 

Every idea is worth consideration
Representing the Chamber, Alex Paine, Business Advisor from the Entrepreneurs’ Program, ABC&S, discussed the difficulty of turning a great idea into a commercial product (4 mins 55 secs), with only around 10 per cent of ideas coming to fruition. 

“First you have to have a marketable idea, you have to develop that idea, turn it into a product or service people want, and then you have to commercial it,” he said. “That isn’t easy, particularly in today’s environment.”

However, “every idea is worth consideration”. 

Harvest feedback and opinions
“Listen to what people are saying,” he advised. “Find the right people and build the right team. Execute the plan and be prepared to pivot. Never think you’re finished. Complacency can be your biggest enemy.”

Joining the discussion, serial tech entrepreneur Darren Younger, CEO Commercialisation of Lakeba, said “commercialisation is the key” (12 mins 46 secs)

“If you can’t work out  how to make money from your company, or from your products and service you take to market then you don’t really have anything at all,” he said.

Examples of game-changing technologies
Providing practical examples of “game-changing” ideas that are now a reality were Tighe Brown, CEO, Australian First Person View (FPV) Racing Association, and Mark Cocquio, pioneer and Founder, FPV Racing Association (17 mins 15 secs), discussing drone technology; Arjan Rensen, Regional Manager NSW and ACT from the Australian Driverless Vehicle Initiative (23 mins 30 secs); and Ross McClean from SynFlyt (26 mins 50 secs), who uses 3D printing to build outdoor flight simulators. 

Help
To find out more, about the Entrepreneur’s Programme, visit the website or call 13 28 46. 
If you can’t work out how to make money from your company, or from your products and service you take to market then you don’t really have anything at all.