Changing the face of Australian innovation

This December, the federal government will release an innovation statement aimed at changing an “inward looking” corporate culture amongst Australian businesses. Since being sworn in, Prime Minister Malcolm Turnbull has said innovation is at the top of his agenda.

Minister for Industry, innovation and science, Christopher Pyne, has hinted of what is to come as he stated, “The whole purpose of the innovation and science agenda in December will be about creating the kind of structure in the Australian economy that encourages innovation, technology, research and development, commercialising research, talents and skills”.

It is evident that commercialising research and raising capital for innovation are listed high on the agenda. However, the innovation statement is also set to encourage a corporate culture that shifts away from fear of failure to further grow and develop innovative ideas. Businesses will be encouraged to take risks as the government plans new policies to encourage entrepreneurial thinking.

“We have one of the highest rates of entrepreneurship amongst developed economies. But we need to improve in terms of innovation driven entrepreneurship. Innovative entrepreneurs play an integral role in improving productivity and growing the economy because they are agents of change, creating opportunities for themselves and others,” said Pyne.

New Innovation Australia chair Bill Ferris, has stated that although Australia is in the world’s top three or four nations on the basis of research breakthroughs, we fail to commercialise into the world’s marketplace. He also argues that research and development incentives need to focus on companies with higher growth that are R&D intensive

Additionally, the Australian government is encouraging overseas investors to invest in Australian businesses and start-ups. There are many great opportunities in Australia therefore, the government plan on not only creating policies to generate international investor opportunities, but also keep Australian start-ups here instead of moving abroad to countries with more favourable policies and better access to investors.

It is clear that creating an more innovative Australia is high on the federal government’s agenda. It is imperative for Australia to innovate to compete on a global scale. The innovation statement will be the culmination of months of consultations with the startup community and discussions within the government.