Commonwealth Bank of Australia’s
(ASX:CBA) latest study into SMEs has shown innovation is valued more by smaller businesses than larger ones.
The bank’s latest Business and Innovation Study shows almost three quarters of businesses with a turnover of less than $1 million cited innovation as critical to the Australian economy.
The study also shows that roadblocks to innovation include a lack of time and resources and a lack of data to help businesses make better decisions.
Group Executive, Business and Private Banking, Adam Bennett says the findings show the need for mid-size businesses to think more like start-ups when it comes to innovation.
Commonwealth Bank reported a net profit of $9.08 billion at 30 June.
