What we can learn from a world leader in innovation

Israel is recognised to be a world leader in innovation and start-up culture. Following are some key innovation lessons Australia can learn from.

As a global innovation nation, Israel has a thriving start-up ecosystem and entrepreneurial spirit that we can take many learnings from here in Australia. Israel has many unique and inspiring qualities, from a nationwide innovation agenda to a mature, energetic and dynamic businesses culture, to thinking outside the box with limited resources.

Israeli entrepreneurs and innovators are not afraid to take risks. They understand that trial and error are an integral part of instigating positive change and that success doesn’t happen overnight.

In Australia, we need to overcome our fear of failure and tendency to shy away from the unexperienced.  Like Israel, we need to drive collaboration, diversity and innovation on every level – starting with the right conversations.

Earlier this year, we interviewed Israel-based software and cyber security expert, Ron Moritz. Mr Moritz has broad experience with tech start-ups and investment ventures.

Here are four key innovation lessons Mr Moritz shared with us:

1. Innovation is an aspect of culture. Cultures that thrive on the drive to excel in the ongoing engineering of solutions have come about from an ingrained and collective response to the growth and prosperity of the country and its people. Being challenged to finding and pursuing the answer to a problem is core to their innovation behaviours.
2. An innovation focus point should be the time and energy spent in the problem-solving detail, not how it looks from the outside. By thinking too much about how things will be presented and packaged means less emphasis on the outcome. It’s not always easy overlooking design elements, but side-lining them can help bring the attention back into perspective.
3. Engaging outsiders and extending the innovation circle is often what delivers traction and success. Fine-tuning a solution for local markets can benefit greatly from looking to external advice or help. Adding different layers of ingredients can greatly enhance prospects, as will a diverse cross-section of interested parties.
4. Risk is not a bad word. And failure is just part of the process. These things are required to have a successful innovation capability. An affinity for venture funding or attracting foreign capital can be the fundamental factors for success. Dynamic and diverse investment can be the propeller that leads to survival.

For the highlights video from Ron Moritz’s interview, please see here: https://www.youtube.com/watch?v=N2DlSHGQuLg

Tickets are also now available to our upcoming Boardroom Lunch with Yaacov Michlin, Founder & CEO, Yissum on – ‘Israel, the Start-Up Nation: From Innovation to Commercialisation – Yissum, The Technology Transfer company of the Hebrew University of Jerusalem’.