Innovation is the application of fresh ideas that enable a business to better compete in the future.

Such ideas can include any new or significantly improved goods or services and operational processes or managerial processes.

A number of policy instruments are available by Government to encourage innovation. These include:

The NSW Government has an important role to play in promoting innovation in the State. The Innovation Unit was recently established by the Premier of NSW to design and implement policies that create an environment where it is easier for businesses to innovate.

The Unit is the central point within the NSW Government with responsibility for promoting innovation and works closely with other State and Federal Government departments in the development of its policy positions.