New South Wales Innovation Blueprint

New South Wales (NSW) is partnering with key stakeholders, including universities and businesses, to develop an Innovation Blueprint aimed at revitalising the state’s innovation sector. The backdrop for this initiative is the stagnation in university-industry collaboration and the lack of progress in commercialising research outcomes, as highlighted by the NSW Innovation and Productivity Council. Simultaneously, R&D intensity in the region has been declining, emphasising the need for strategic interventions.

However, the government is mindful of fiscal constraints while working to restore the state’s finances and essential services. As a result, all expenditures must align with the best interests of NSW residents. The Innovation Blueprint is designed to be a collaborative effort, drawing insights from sector leaders and experts to position NSW as a global leader in attracting investments, fostering innovation, and attracting talent.

To facilitate this process, the Minister for Innovation, Science, and Technology will lead roundtable discussions on various topics, including venture capital, government support, startup growth, innovation adoption by industries, and talent attraction. These discussions will be instrumental in shaping the final blueprint.

The Innovation Blueprint cannot be overstated and has the potential to spark innovation across emerging sectors and crucial enabling technologies like quantum computing, artificial intelligence, data science, cybersecurity, sensors, and robotics. These innovations are expected to have a profound impact across diverse sectors, including energy, advanced manufacturing, healthcare, and agrifood, all vital for NSW’s future economic growth.

The Minister leading this initiative underscored the government’s commitment to nurturing a robust innovation sector. In his view, a thriving innovation sector not only creates high-value jobs but also enhances productivity within high-growth industries. The government believes that by fostering innovation and cutting-edge industries, it can secure the jobs of the future and attract top-tier talent to NSW.

Thus, the NSW Labor Government is working to revitalise NSW’s innovation sector through collaborative efforts with universities, businesses, and sector experts. This initiative addresses longstanding challenges in university-industry collaboration and the need to reverse declining R&D intensity.

While fiscal responsibility is paramount, the government recognises that strategic investments in innovation are essential for NSW’s long-term prosperity. Through the Innovation Blueprint, NSW aims to position itself as a global leader, attracting investments, talent, and industries that will define the future.

OpenGov Asia recently reported that the Government of Western Australia is offering over AU$3 million in grants through the Local Capability Fund (LCF) to boost local small to medium-sized businesses. These grants aim to enhance their competitiveness and capacity, making them eligible for government and private sector contracts.

This initiative aligns with the Minns Labor Government’s Innovation Blueprint in New South Wales (NSW), which seeks to drive innovation and economic growth. While the LCF focuses on empowering local businesses to secure contracts, the Innovation Blueprint in NSW takes a broader approach, promoting innovation across various sectors.

Both initiatives share the goal of fostering economic development. The LCF in Western Australia offers targeted support, including assistance for Aboriginal-owned businesses, compliance with national and international standards, and upcoming digital transformation support. These align with the Innovation Blueprint’s focus on innovation in sectors like energy, healthcare, and advanced manufacturing.

Collaboration is key in both efforts. Western Australia partners with local businesses, while NSW collaborates with universities, businesses, and experts. These initiatives collectively contribute to enhancing Australia’s economic landscape by empowering local businesses and driving technological advancement.