The NSW Government’s Innovation Strategy provides significant opportunity for regional entrepreneurs to capitalise on innovative thinking. James Stevenson of our Corporate and Commercial team specialises in advising start-ups and early stage ventures on capital raising and leveraging innovative ideas. In this article, he examines the key initiatives from the Strategy to provide insight on how this policy could encourage innovative thinkers to commercialise their ideas.
With the promise of “Bringing Big Ideas to Life”, the NSW Government’s Innovation Strategy, released on 30 November 2016, may unlock fresh opportunities for businesses, entrepreneurs and start-ups in the technology and innovation spaces. Following on from last year’s regional perspective on the back of an “ideas boom” article, we provide our insights into the State’s new innovation agenda.
The NSW Government’s Innovation Strategy seeks to foster a “culture of innovation” as a key driver for growth. The recent renewed focus on “ideas” at both the Commonwealth and State levels is intended to help start-ups and entrepreneurs to prosper and compete in regional, national and international marketplaces.
The State Government’s Innovation Strategy is the result of a lengthy process of consultation with NSW “innovators” in 2016, the purpose of which was to develop a platform for increased innovation across the State. From a policy perspective, this agenda is geared toward economic stimulation and enhancing the State’s ability to “tackle complex economic, environmental and social challenges”.
Four key initiatives are advanced under the Strategy:
Only time will tell if the NSW Innovation Strategy will deliver on its promises to stimulate opportunities for the state’s innovative thinkers, and for those who seek to collaborate with them or invest in their ideas. The strategy is only the starting point and we would hope that more initiatives will follow as the strategy matures.
Notably, most of the current initiatives are (on their face) “Sydney-focused” and there is no specific strategy to boost regional innovators. However, the strategy does provide a platform from which local and regional entrepreneurs can (and should) take advantage of the Government’s prioritisation of innovation in NSW.
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