Innovation, technology strategy and the role of external technology search mechanisms

In Australia considerable attention has been focused in the past few years on the position of our international competitiveness. In the deregulated world of the 1980's it is not always possible for governments to rely solely on adjusting of the economic levers with the use of macroeconomic factors such as monetary, fiscal and income policies. Attention has been shifted to the long-term goals of structural alteration and reform at the microeconomic level of the individual firm. Emphasis on the more efficient allocation of resources, appropriateness and timing of technological investment, improved organisational, managerial and labour pracitices and the ability to decisively cope with the rapidity of change have achieved a significance hitherto unknown in the history of our nation. The role of innovation and Technology Strategy, at the firm level, are but one dimension of the quest to augment our international competitiveness. Although only one dimension the amplified ability of technology to potently effect other aspects of policy at the microeconomic, or firm level, makes it of vital concern to the nation's economic health in the 'brave new world' of global competition. The use of external mechanisms to identify relevant technologies is an important tool in the adoptiorr of a viable Technology Strategy. The opening up of the firm to knowledge and influence from outside will aid responsivenss to market conditions and enhance competitivenss, as well as lessening the administrative hierarchies that stifle initiative.