Is This The Big Bang for Australian Innovation?
"This is a great shot in the arm for innovation in Australia, now we actually have to produce something with it" - George Sidis
On Monday, the Australian Government announced a new innovation package as part of a massive redesign to how Australia generates and accelerates its best ideas.
Co-founder and Managing Director of ide Group, George Sidis said “This is a great shot in the arm for innovation in Australia, now we actually have to produce something with it. Our ability to execute great ideas has never been more critical.”
Estimated to be worth $1 billion over four years, the package will support four key goals;
- Help businesses access more capital,
- Accelerate the commercialisation of new ideas,
- Promote more innovation across government,
- Prepare children with the skills to drive future innovation in Australia.
Enthused by the new plan, Sidis said “it appears to include many of the initiatives the innovation and startup community have been asking for”. Yet highlighted, “now the pressure is on us all to deliver, to create great new companies with the help of these incentives, and give a return on investment to the taxpayer”.
Recent reports have shown Australia’s innovation blockages are major; the rate of idea generation among Australian SME’s is well below international standards and collaboration between researchers and industry is the lowest in the OECD.
While uncertainty remains high for some, Prime Minister Malcolm Turnbull expressed on Monday “the opportunity for Australians has never been greater”.
Although Sidis agrees, he cautioned “we must not forget this is a big test for us too. The key to sustaining this support in the future will be acting on these initiatives now and working together to deliver truly excellent outcomes.”
Contact George to discuss how these new opportunities can help support your next project.
Co-founder and Managing Director, ide Group
+61 2 9647 2660
Highlights from the 2016 Australian Innovation Agenda
Biomedical Translation Fund
CSIRO Innovation Fund
Tax Incentives for Investors
Global Innovation Strategy
Opportunities for women in STEM
Supporting innovation through visas
Read fact sheets on the agenda here.
Attend stakeholder briefings in your area here.