Innovation in NSW
Innovation and creativity are critical elements in increasing productivity to achieve long term economic growth. They drive the development of new, higher–margin products and services increasing competitiveness, profit and wages, resulting in greater economic prosperity for the community. The capacity of business and government to innovate, and to interact with suppliers, customers and the education and research sector in a dynamic way, will be of critical importance over the next decade.
The NSW Government plays an important role in promoting innovation in the State. The Innovation Unit was established to design and implement policies that create an environment where it is easier for businesses to innovate.
NSW Innovation and Productivity Council
The NSW Innovation and Productivity Council provides advice to the NSW Government on action it can take to facilitate innovation in NSW. The Innovation and Productivity Council's work is supported by a secretariat in the Innovation Unit of NSW Trade & Investment. The NSW Government's actions focus on five innovation policy goals:
- Improve human capital
The NSW Government provides a key platform of growth through its role in primary and secondary school education and vocational training. A key part of future training will be closer links between schools, TAFE and local businesses; investments in education for high-level skills; and the linking of support to industry workforce demands.
- Upgrade knowledge and information infrastructure
Just as the State routinely provides the physical infrastructure to support the economy, acquiring the right knowledge and information infrastructure is also critical. The Government will supplement and support private sector to acquire the information and knowledge it needs while not competing with it.
- Reduce the cost to business of utilising science and technology
The NSW Government will work to make intellectual property generated in the institutions it supports - including universities and other research organisations - more readily available to businesses that can make best use of it.
- Encourage capital allocation to invest in innovation
The NSW economy may benefit from greater private capital allocation and investment in innovative ventures, and will investigate how to implement this objective.
- Reduce regulatory barriers to innovative NSW companies
The NSW Government has demonstrated a strong commitment to reducing the burden of red tape on NSW businesses. Government will identify and ease regulations that impede innovation in key sectors.
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Industry and Innovation PolicyPhone: +61 (2) 9338 6771
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