Innovation precincts to boost growth

Innovation precincts to boost growth


It’s no surprise the Australian Government released a report last week stating that Australia’s innovation precincts help drive industry research cooperation and economic growth. Places like River City Labs and Little Tokyo Two are thriving places for transformation and disruption and it’s time for Australian businesses to recognise the full potential literally on their doorstep.

Minister for Industry, Science and Technology, Karen Andrews, released the Statement of Principles for Australian Innovation Precincts, which provides a guide for developing innovation precincts across Australia.

“Innovation precincts enable partnerships between businesses, researchers, universities and governments to flourish,” Minister Andrews says.

“The Australian Government has developed this flexible Statement together with universities, industry and state and territory governments. Stakeholder feedback has revealed common principles will make it easier for new and existing precincts to have more of an impact.”

Precincts are strong and effective drivers of economic growth and employment. Australia currently has more than 50 established precincts. Statistics show job creation rates are more than double in regions where innovation precincts exist.

Co-location within innovation precincts enables businesses to find solutions to problems, respond to opportunities, and translate research into commercial products and services.

“This Statement responds to a recommendation in Innovation and Science Australia’s 2030 Strategic Plan, Australia 2030: Prosperity through Innovation, and provides guidance on best practice principles for developing innovation precincts,” explains Minister Andrews.

The Statement complements the Government’s measures to boost industry-research collaboration such as the Cooperative Research Centres Program, the Industry Growth Centres Initiative, and the Small and Medium Enterprises Export Hubs Initiative.

State and territory governments agreed to the principles outlined in the Statement at the COAG Industry and Skills Council held in Adelaide last week.

“The Coalition Government is committed to working with state and territory governments and participants to create well-integrated innovation precincts where resources, ideas, opportunities and challenges can be easily shared,” says Minister Andrews.

More innovation precincts are in the planning stages, significant reflecting investment by businesses, universities, hospitals, and governments.

The Coalition is fostering Australian economic growth and job creation through increased research and innovation — that’s why we’re investing around $2.4 billion in growing our science, technology and research capabilities.

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