Innovation to unlock Australia's resource potential

A framework for innovation that will help to realise Australia's energy and mineral resources potential has been launched at the International Mining and Resources Conference in Melbourne.

The framework, which explores the ingredients of successful innovation across the resources sector, is presented in CSIRO's new report — Unlocking Australia's resource potential — launched today by CSIRO and the Mining Equipment, Technology and Services Growth Centre - METS Ignited.

At a time when Australia and the resources industry are looking to innovation to drive future prosperity, the report draws on the insights of 26 senior leaders in some of Australia's largest minerals and energy companies. It also analyses past case studies, current barriers and trends to map the future through innovation.

The CSIRO Futures report was launched Tuesday by CSIRO Executive Director of Environment, Energy and Resources Dr Alex Wonhas.

"Despite Australia's great past record and rewards from resource sector innovation, many companies and agencies are struggling to realise full value from their innovation investments for a number of reasons," said Wonhas.

"Our research shows that many of the same features that gave rise to past innovation successes are those identified by industry leaders as needed to break through existing barriers to innovation.

"Strong collaboration, visionary leadership, measured risk taking, perseverance and government participation were key ingredients of successful past innovation and may be even more important in the future."

Collaboration — or how and when the various industry and research players work together — was found to be particularly important for driving future innovation success.

While the mining equipment, technology and services (METS) sector has proven vitally important to innovation success, its collaboration performance can be further improved through more METS companies working with both mining companies and other R&D providers.

The chair of the recently established industry growth centre METS Ignited, Elizabeth Lewis-Gray, welcomed the findings about the crucial role of the METS sector in innovation, as well as the challenge to produce even greater impact through stronger collaboration.

"Improved collaboration targeted towards innovation success is exactly what METS Ignited has been established to deliver," said Lewis-Gray.

"The insights from industry leaders, case studies and the framework for successful collaboration in this report provide a valuable tool to guide innovation that will benefit industry, the innovators and Australia."

CSIRO, with its diverse scope of research and wide range of national and international collaborations, is one of many organisations contributing to METS Ignited and other industry growth centres.

"This is one part of our contribution and vision to be Australia's innovation catalyst, creating value and prosperity for customers and for the nation," said Wonhas.

The report is available here.