The NSW government has released its decadal innovation plan, which it says will build on the state’s current strengths including attracting 65 per cent of the nation’s venture capital investment and hosting five of eight “unicorn” enterprises (a privately-owned startup worth over $1 billion.)
In a statement on Monday, the NSW Innovation Blueprint 2035 was described as setting out actions including a strategic approach to funding (including support for industries outlined in the recent NSW industry policy), improved access and use of NSW’s world-class facilities, talent development, and attracting global and local investors.
The state’s industry policy, released earlier in March, sets out three linked missions around Housing, Net Zero & Energy Transition, and Local Manufacturing.
As with the industry policy, the innovation plan sets specific targets, such as an extra $27 billion “in additional investment… over the next 10 years from innovation-intensive firms, and nearly 100,000 additional jobs.”
The Pounder Review — authored by former CEO of the Tech Council of Australia Kate Pounder — defines such firms as “1) having raised equity of over $500,000 and/or 2) having a reasonable level of internal investment in research and development as measured by the Research and Development Tax Incentive scheme’”.
Pounder’s assessment of the NSW innovation ecosystem’s challenges and opportunities was released alongside the innovation blueprint and can be viewed here.
“But this is about more than just tech – we are supporting innovation across all industries, to make a more productive economy and help build a better NSW,” said NSW industry minister Anoulack Chanthivong (pictured.)
“I want to thank Kate Pounder for her insights, and the feedback from hundreds of individuals, businesses and institutions that have helped inform the NSW Innovation Blueprint 2035.
Picture: credit James Martin Institute for Public Policy.
Further reading
NSW government releases industry policy, setting manufacturing growth targets up to 2040
Tech Council of Australia’s founding CEO to leave role in February
