Australians fail to act on millions of business ideas
17 March 2015
- Two thirds (67 per cent) of Australians have had ideas about new products and services, yet less than one in five (22 per cent) have acted to bring a new idea to market
- Three quarters (75 per cent) of small businesses believe it is difficult to bring a business idea to life in Australia.
New Westpac research has revealed that more than three in five (67 per cent) Australians have had new business ideas, yet less than one in five (22 per cent) have followed through
to bring these ideas to life.
“The Westpac Business Ideas Report has found that many Australians spend a large proportion of time thinking about new products or services, but they are having trouble bringing these ideas to market. More than half (54 per cent) of Australians say they have
forgotten about new business ideas in their lifetime, at an average of seven (7.3) ideas each. This could amount to around 64 million forgotten ideas nationwide,” explained Julie Rynski, General Manager Small Business at Westpac.
The majority (75 per cent) of existing business owners who are familiar with the process of bringing new ideas to market, believe it is particularly difficult to bring a new product or service to market in Australia, with the most common items that would help them launch
their business ideas being: more time (37 per cent), more capital (35 per cent) and access to technology (26 per cent).
“There are a lot of missed opportunities for could-be entrepreneurs and current businesses to bring new and innovative concepts to market. When you’ve come up with a great idea, it can be difficult to turn it into reality without access to specialist advice, and our research has shown that the majority of people (86 per cent) find it more helpful seeking advice during a face to face conversation rather than online.”
The report revealed that Australians living in NSW are the most likely to have abandoned their business ideas, with almost three in five (59 per cent) failing to launch an idea of a business, product or service compared to just over half (53 per cent) across Australia.
“Westpac’s recently launched Connect Now service gives customers from around Australia access to business specialists to facilitate the growth of new business ideas or existing business expansion plans. The local knowledge of our in-branch business bankers combined with the expertise of the Connect Now specialists can help turn your business ideas into a reality,” added Ms Rynski.