The Australian Prime Minister, Hon Malcolm Turnbull MP and the Minister for Industry, Innovation and Science, Hon Christopher Pyne MP have released Australia’s first National Innovation and Science Agenda, supported by $1.1 billion in funding.
The National Innovation and Science Agenda is designed to:
- Promote innovation across government;
- Facilitate better collaboration between research institutions and industry;
- Improve access to capital for start-ups; and
- Upskill young Australians to become future entrepreneurs.
The measures in the National Innovation and Science Agenda position Australians as leading innovators through commercialising new research, supporting reward for risk and facilitating innovative start-up investment models.
The Agenda incorporates a large number of different programmes:
- Access to crowd-sourced equity funding
- $26m Advancing quantum computing technology
- $250m Biomedical Translation Fund
- Business Research and Innovation Initiative
- Changes to Venture Capital Limited Partnerships
- $220m CSIRO Innovation Fund
- $30m Cyber Security Growth Centre
- Data sharing for innovation
- Data61: Australia’s digital and data innovation group
- $15m Digital Marketplace
- $51m Embracing the digital age
- $36m Global Innovation Strategy
- Increasing access to company losses
- $8m Incubator Support Programme
- Introduction of Innovation and Science Australia
- $18m Innovation Connections (Entrepreneurs’ Programme)
- Innovation in agriculture and regional areas
- Insolvency laws reform
- $48m Inspiring a nation of scientists
- Intangible asset depreciation
- Linkage Projects scheme (Australian Research Council)
- $2.5b Maintaining world class research infrastructure
- Measuring impact and engagement of university research
- $1.8b New research funding arrangements for universities
- $13m Opportunities for women in STEM
- Reforms to Employee Share Schemes
- Supporting innovation through visas
- Tax incentives for investors
The Government will also release a Public Data Policy Statement as part of the National Innovation and Science Agenda to formalise the Government’s commitment to open data and data-driven innovation.
The above measures build upon existing initiatives targeted at innovation and entrepreneurial activity, including the Entrepreneurs’ Programme, the Small Business and Jobs Package, Industry Growth Centres, the R&D Tax Incentive and Cooperative Research Centres.
For more information on any of the new or existing innovation and science initiatives, please do not hesitate to contact the SAS Group.