In brief - Government funding will provide research and business opportunities

The Australian government's National Innovation and Science Agenda is helping to drive the Australian economy towards technology and innovation by providing tax and financial incentives. As a result, entrepreneurs, researchers and businesses have increasing opportunities to access funding and to grow existing or new businesses. 

Economic prosperity in Australia will depend on embracing new ideas in innovation and science

The Australian Federal Government recently began implementing its Innovation Policy that proposes driving Australian industry into the future. The government's Innovation website sets out the agenda for the Innovation Policy as follows:
Extraordinary technological change is transforming how we live, work, communicate and pursue good ideas. We need to embrace new ideas in innovation and science, and harness new sources of growth to deliver the next age of economic prosperity in Australia. The National Innovation and Science Agenda is an important step in the right direction.

Innovation is key for both established and new businesses 

At the recent Australian Financial Review (AFR) national innovation summit, recently appointed Chief Scientist of Australia Alan Finkel said that with the right attitude, investments and policies, Australia could maximise its potential as an entrepreneurial hub, and punch well above its weight. 
Greg Hunt, the Minister for Industry, Innovation and Science, speaking at the summit said, “Innovation is happening on the factory floor, on our farms, at the supermarket checkout and in the office". He further commented that “Innovation is not just about tech startups… It is also about established businesses doing things better to stay competitive.”
In delivering the Minerals Council of Australia annual lecture, Mining and the ideas economy, Peter Costello AC, drawing out the idea that the mining industry still has much to offer the Australian economy, stated about innovation: 
businesses and innovators…in most part will be looking to bring general purpose technology (digitization) to the established economy (let’s call it the old economy) to lift productivity. It is not to replace the old economy. It is to capture higher value from it.

Global Innovation Strategy aims to improve international collaboration

One of the many interesting steps that the Government is taking to implement its policy is through the creation of the Global Innovation Strategy. This strategy includes an investment of $36 million over the next four years towards the following initiatives:
  • establishing five "Landing Pads" in global innovation hotspots to support entrepreneurial Australians. Landing Pads provide market-ready startups with a short-term (90 day) operational base where they can access entrepreneurial talent, mentors, investors and a wider connected network of innovation hubs
  • providing seed funding to assist Australian businesses and researchers to collaborate with international businesses and researchers through the Global Connections Fund
  • providing funding to assist Australian businesses and researchers to collaborate with global partners on strategically-focused, leading-edge research and development projects through the Global Innovation Linkages programme
  • building strong regional linkages in the Asia-Pacific region by funding multi-partner activities that facilitate greater science, research and industry collaboration in delivering innovative solutions to shared regional challenges
Five Landing Pads will be established; San Francisco and Tel Aviv are operational with, Berlin, Shanghai and Singapore to be launched soon. 
Funding of $4.9 million is being devoted to the Global Connections Fund enabling Australian small-to-medium enterprises to collaborate with international partners. An additional $18 million is being spent on engagement with international partners in key economies to undertake research and development projects. 
This is an exciting time in Australia. The Australian economy is moving in a new direction with the goal of becoming a leader in the technological and innovation spheres within the global economy.

This is commentary published by Colin Biggers & Paisley for general information purposes only. This should not be relied on as specific advice. You should seek your own legal and other advice for any question, or for any specific situation or proposal, before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories. © Colin Biggers & Paisley, Australia 2024.

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