Australia lags behind other countries on innovation because of an "inward looking" corporate mentality, according to a new report that finds four in 10 Australian companies have little or no innovation culture. A mere 16 per cent of companies are "high performance" innovators, according to the Department of Industry, Innovation and Science's annual innovation report. New Innovation Australia chair Bill Ferris, who will give a speech on Wednesday, last week said Australians suffered from a "fear of failure". theage.com.au-Read more