Innovation in the spotlight at IMARC

Innovators in the resources sector must tell their stories better if they are to attract the investment required to bring their technology to market, according to a panel of experts at the International Mining and Resources Conference (IMARC). Being more business-minded and truly understanding their customers’ needs were also key. In addition, investors themselves - whether venture capitalists or operators – need to be prepared for failures and take a more collaborative approach towards sharing IP to create an environment that encourages innovation, according to panelists. The keynote panel discussion on Day 3 of IMARC 2023, titled, Connecting Technology and Investment: How this will Drive Innovation, heard from investors and product developers on the challenges they see facing the METS sector. RCF Jolimont Mining Innovation director Charles Gillies said Australia’s METS sector was a world leader, yet it was struggling to tell its story to both its customers and to the wider community. He said Australia ranked among the best in the world when it came to innovation in engineering. But the broader public is largely unaware of the industry’s achievements and global leadership. “We often talk about Australia’s automotive manufacturing heritage, but the METS sector is now a major employer and exporter. Yet, it’s not telling its story very well,” he said. “This lack of storytelling results in poorer outcomes for operators as great innovations and valuable ideas end up not being implemented and ultimately forgotten.” Psychological factors are also holding a lot of innovation back. The panel reflected on issues where long-term employees of mining companies rejected new technology that challenged or refuted their traditional ways of operating or highlighted either inefficient or less-accurate models or systems. The way forward, they said, was for the METS sector to improve their 'soft' or inter-personal skills to break down these barriers and encourage collaboration, which in turn would lead to greater investment. “If you fail because there is something fundamentally wrong with your technology, that's okay," RFC Ambrian executive chairman Rob Adamson said. "If it fails because of something you can influence or change, that’s deeply disappointing. Too often people are unwilling to accept new innovation because it goes against their own routine and that’s really hard to change.” The panel also discussed the importance of getting the underlying business operations right to secure investment. Mr Gillies said, “The challenge we see with young firms is that coming up with a really good, innovative idea is incredibly hard. Creating a good business is equally as hard. "We see companies focus on the former at the expense of getting the business right, and that makes it hard to invest in. Nothing ever goes smoothly, nothing ever goes to plan, so having an experienced management team is key to riding those challenges.” The panelists agreed that the inclination of operators to lock everything up under confidentiality agreements was stifling innovations. To ensure innovation continues to address the challenges facing the industry, the panelists agreed that collaboration and the sharing of knowledge were the most efficient actions that needed to be taken.

Innovation in the spotlight at IMARC

Industry Queensland

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