SBM3301 - Creativity and Innovation: Australia's Investments

This report analyzes the significance of innovation and creativity for developed and developing countries, focusing on Australia. It examines Australia's investments in innovation and creativity, exploring the benefits such as attracting global organizations and fostering economic growth through foreign investment. The report also addresses challenges like the under exploitation of creative industries and economic factors hindering investment. It highlights the role of Australia's resource-rich environment in facilitating innovation and the importance of fostering an environment conducive to technological advancement. The analysis concludes that while investments in innovation have significantly benefited key sectors and attracted foreign investment, Australia faces challenges in fully capitalizing on its creative potential and overcoming economic constraints to maximize the impact of these investments.

Running head: CREATIVITY AND INNOVATION
CREATIVITY AND INNOVATION
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Executive Summary
The report is based on the analysis of the importance of innovation and creativity on different
countries. The effect of innovation has been analysed in an effective manner for the
developed and the developing countries as well. The country which has been chosen for the
analysis is Australia. The innovation and creativity based investments made by the country
have been analysed in the report. The benefits and the challenges that are faced by Australia
based on the investments which are made by the country in innovation have been an
important part of the discussion which has been made in the report.

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Table of Contents
Introduction....................................................................................................................3
Discussion based on innovation and creativity..............................................................3
Importance of the creativity and innovation in society and economy.......................3
Ways by which Australia can facilitate innovation and creativity.............................4
Benefits that can be received by Australia from investment in innovation and
creativity.................................................................................................................................5
Challenges faced by Australia based on the investment in innovation and creativity
................................................................................................................................................6
Conclusion......................................................................................................................7
References......................................................................................................................8
Appendices...................................................................................................................10

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Introduction
Innovation and creativity is able to play a major role in the effective operations of the
organizations which are a part of the country. The development and progress of the country is
also based on the based on the innovation based investments. The different countries thereby
need to make effective investments in the innovation activities and creativity in order to
increase the levels of efficiency in an effective manner. The developed countries are more
prone to make huge investments in the innovation based activities as compared to the
developing countries (Amabile & Pratt, 2016). The investments that are made by the
countries in innovation are thereby able to play a major role in the economy and society as
well.
The report will be based on the analysis of the innovation related investments which
have been made by different countries. The importance of the innovation capabilities of the
country in the society will be discussed in the report in detail. The benefits of the investments
will also be considered in the analysis.
Discussion based on innovation and creativity
Importance of the creativity and innovation in society and economy
The importance based levels of the creativity and innovation has increased a lot in the
recent times. The organizations have started making significant investments in the ways by
which creativity and innovation can be increased. The companies have tried to operate in an
entirely different manner as compared to the others in the industry. Creativity can be
considered to be an important function which is related to curiosity, knowledge, evaluation
and imagination (Chen & Hou, 2016).
The three major levels of creativity which play a major role in the effective
implementation of proper creative processes include, discovery, invention and creation.

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Creativity is able to make an important contribution towards the society and the ways by
which people are able to work. The minds of people are thereby engaged in an effective
manner with the help of proper creativity levels in different operations. The connection which
is developed with the mind is an important part of creativity. The levels of confidence and
creativity are increased with the proper development of creativity. Creativity is thereby able
to increase the effectiveness of the society and the development of inspirational ideas
(Dawson & Andriopoulos, 2014).
Innovation and creativity have played a critical role in the achievement of success in
the developed economies. The problems which arise in the organizations which operate in the
developed countries can be solved with the help of innovation and creativity. Innovation and
creativity can be implemented in the organizations of the developed countries in a
simultaneous manner. The developed countries are thereby prone to invest in the new
technologies in order to develop their organizations in an effective manner (Dentchev et al.,
2016).
Ways by which Australia can facilitate innovation and creativity
Australia has been in a constant process of transition and has become an innovation
hub in the past few years. The country has thereby been brimming with new opportunities
and ideas and investments have also been made on the technological development. The
economic condition of the country is also quite effective and ripe for the innovation based
activities. The economy of the country is totally based on the various high technology based
industries which are operating currently (Dul & Ceylan, 2014). The activities based on
creative development have thereby increased in Australia with the help of proper
implementation of technologies in the organizations.

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The major investment has been in Australia on the artificial intelligence based
technologies. The country has also aimed at developing an effective area for the different
innovation related activities. The support which is provided by the government has been able
to provide an effective innovation base for the country. Government support plays an
essential role in developing a climate based on innovation. The high speed based
infrastructure which has been developed in the country has been able to create an innovation
climate in Australia. The development of innovation has thereby been supported in an
effective manner with the help of economy in the country (Jaiswal & Dhar, 2015).
The resources which are required for the development of innovation and creativity are
also available in the country. The country has been able to provide effective amounts of
resources for the development of the innovative thinkers in Australia. The internet based
support which is available in the country is important for the innovative technologies that are
developed and used by the companies. The investment in new and advanced technologies can
thereby affect the future of the country (Khalili, 2016).
Benefits that can be received by Australia from investment in innovation and creativity
The investment which is made in Australia on the creativity and innovation has
played a major role in attracting the global organizations in the country. The foreign
investment has been an integral part of the development of Australian economy. The country
has been able to develop an effective reputation based on innovation. The international
capital is thereby used in order to increase the domestic savings in an effective manner. The
economic potential of the country has been increased with the help of innovation in Australia
(Liu et al., 2017).
The levels of foreign investment have also started increasing in an effective manner
with the help of the creativity and innovation in different organizations which operate in the

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country. The capital required for innovation has been injected in an effective way with the
help of foreign investment. Australia is a highly resource rich country and this has been able
to play a major role in the ways by which innovation and creativity can be increased in the
country. The economy of the country has been developed in an effective manner with the
help of foreign investment (Sarooghi, Libaers & Burkemper, 2015).
The technologies and innovation based levels of Australia have been increased and
have further attracted foreign investments from different countries. The operations of the
global organizations in the country is an important part of the increase in innovation in
Australia. The creative industries have been able to provide huge number of opportunities to
the country in order to attract the global organizations and foreign investment as well (Sung
& Choi, 2014).
The different sectors which are an important part of the effective growth of Australian
economy are affected by the investments which are made in innovation. The innovation
levels in these sectors are thereby an important part of the operations of these sectors. The
effective operations of high growth based sectors are thereby facilitated by the investments
that are made on the innovation. The benefits which are thereby provided by the investments
that are made by the country on the creativity and innovation is important for the country
(Wallace et al., 2016). The different innovation based capabilities and investments of the
country have been a major part of the ways by which the high growth sectors gave been
affected.
Challenges faced by Australia based on the investment in innovation and creativity
The lack of exploitation of the creative industries have been a major challenge that is
faced by Australia. The different creative industries are capable of providing major growth
opportunities to the economy of Australia. However, the potential of these creative and

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innovative industries have not been used in an effective manner by country. The economy of
Australia can be provided with effective levels of support by the innovative capabilities. The
levels of investment which are made on innovation capabilities are still not enough (Wang &
Miao, 2015).
The economic challenges that are evident in the country have been a major factor that
has been able to affect the investments which have been made in the innovation and
creativity. The major industries which play a major role in the growth of Australian economy
are education and tourism. The challenges which are faced in making effective investments
are based on the ways by which the opportunities in different industries have been wasted
(Sung & Choi, 2014). The lack of proper exploitation of different opportunities have been
able to pose major challenges related to the investments which are made by Australia.
Conclusion
The report can be concluded by stating that the innovation and creativity based
investments that have been by Australia have played a major role in the operations of
different sectors of the country. The high resource environment of Australia has been able to
facilitate the innovation related capabilities and investments of the country. The environment
which has been developed in the country has been an important part of the increase in
innovation and foreign investments as well. The benefits that are thereby provided by the
investments made in innovation were also quite high and the country has been able to attract
the global organizations due to this factor. Australia has however faced some major
challenges in making effective investments in the creativity and innovation related activities.
The most important part of the ways by which the country has been able to gain from the
investments is based on the growth of different sectors in an effective manner.

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References
Amabile, T. M., & Pratt, M. G. (2016). The dynamic componential model of creativity and
innovation in organizations: Making progress, making meaning. Research in
Organizational Behavior, 36, 157-183.
Chen, A. S. Y., & Hou, Y. H. (2016). The effects of ethical leadership, voice behavior and
climates for innovation on creativity: A moderated mediation examination. The
Leadership Quarterly, 27(1), 1-13.
Dawson, P., & Andriopoulos, C. (2014). Managing change, creativity and innovation. Sage.
Dentchev, N., Baumgartner, R., Dieleman, H., Jóhannsdóttir, L., Jonker, J., Nyberg, T., ... &
van Hoof, B. (2016). Embracing the variety of sustainable business models: social
entrepreneurship, corporate intrapreneurship, creativity, innovation, and other
approaches to sustainability challenges. Journal of Cleaner Production.
Dul, J., & Ceylan, C. (2014). The Impact of a creativity‐supporting work environment on a
firm's product innovation performance. Journal of Product Innovation
Management, 31(6), 1254-1267.
Jaiswal, N. K., & Dhar, R. L. (2015). Transformational leadership, innovation climate,
creative self-efficacy and employee creativity: A multilevel study. International
Journal of Hospitality Management, 51, 30-41.
Khalili, A. (2016). Linking transformational leadership, creativity, innovation, and
innovation-supportive climate. Management Decision, 54(9), 2277-2293.

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Liu, D., Gong, Y., Zhou, J., & Huang, J. C. (2017). Human resource systems, employee
creativity, and firm innovation: The moderating role of firm ownership. Academy of
Management Journal, 60(3), 1164-1188.
Sarooghi, H., Libaers, D., & Burkemper, A. (2015). Examining the relationship between
creativity and innovation: A meta-analysis of organizational, cultural, and
environmental factors. Journal of business venturing, 30(5), 714-731.
Sung, S. Y., & Choi, J. N. (2014). Do organizations spend wisely on employees? Effects of
training and development investments on learning and innovation in
organizations. Journal of organizational behavior, 35(3), 393-412.
Wallace, J. C., Butts, M. M., Johnson, P. D., Stevens, F. G., & Smith, M. B. (2016). A
multilevel model of employee innovation: Understanding the effects of regulatory
focus, thriving, and employee involvement climate. Journal of Management, 42(4),
982-1004.
Wang, G., & Miao, C. F. (2015). Effects of sales force market orientation on creativity,
innovation implementation, and sales performance. Journal of Business
Research, 68(11), 2374-2382.

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Appendix