- A third (34 per cent) said lockdown helped them develop their digital strategies for future growth.
- Four in five (84 per cent) small businesses said there was an increased sense of support for local businesses, while three quarters (76 per cent) said they had received messages of encouragement from customers.
- Small business owners said they most need funding to put towards their digital presence (15 per cent), growing business into new countries (15 per cent), staffing (15 per cent), creativity (11 per cent), e-commerce (10 per cent), with $20,000 being identified as the level of funding to have an impact with these areas (84 per cent).
Despite the impact of drought, bushfires, COVID-19 and the recession, Australia’s small businesses are optimistic about the ability to grow and innovate over the next 12 months, according to new research from Amazon Launchpad – Amazon.com.au’s program for Aussie startups and entrepreneurs.
The Amazon Launchpad Innovation Report, commissioned by Amazon Australia, explores current sentiment amongst Australian small and medium-sized business owners on how they evolved their businesses while in lockdown, and their plans as Australia travels the road to recovery.
The research found that isolation helped 28 per cent of businesses innovate for the future, with more than a third (35 per cent) refreshing their business plan, while 38% used the time to focus on creativity.
During this time, approximately a quarter of small businesses surveyed also said they were able to innovate by exploring new revenue streams or launching online. Around one in six said they innovated by creating new products or transforming their products while 20 per cent – one in five – planned for or built a new business or product strategy to move forward.
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