A NSW Government website
The NSW Government today released a new report to supercharge the state’s economy by revealing what makes the world’s best innovation precincts succeed.
The report by the NSW Innovation and Productivity Council , which includes some of Australia’s top business and research thinkers, provides a guide for governments and the private sector to propel the state’s innovation precincts.
“This report shows what makes the world’s best innovation precincts hum and what we should focus on to create jobs, economic value, exports, productivity, higher wages, intellectual property and business resilience,” Innovation and Productivity Council chair Neville Stevens AO said.
“It can be used by governments, industry and universities to ensure our innovation precincts reach their full potential.”
Mr Stevens said the report, NSW Innovation Precincts: Lessons from International Experience, examines leading innovation precincts like California’s Silicon Valley, London’s Silicon Roundabout and Tel Aviv’s ecosystem as well as NSW precincts.
“This report shows innovation precincts can create more new patents, processes, products and internationally-traded IP,” he said.
“It will help NSW grow jobs and its innovation economy by fully leveraging our world-class research and science organisations, leading industries and highly skilled workforce to create globally competitive industry sectors.”
Mr Stevens said innovation precincts bring together businesses, knowledge institutions universities and entrepreneurs to attract skilled talent and build sectors.
NSW has emerging innovation precincts in sectors including healthcare at Randwick, Westmead and Camperdown-Ultimo; financial, digital and other technology in the CBD to Eveleigh; biopharmaceuticals at Macquarie University; defence and aerospace at Williamtown and Western Sydney Airport; agtech in Orange, Armidale and Wagga Wagga; and creative industries at Surry Hills, Redfern and Moore Park.
“Our innovation precincts can use this guide to create more economic benefits including quality jobs with higher than average wages; more resilient businesses with higher than average productivity, growth and exports; and better products.
“They can also support more productive use of land and buildings and leverage investments in major assets like hospitals, universities and airports, as well as maximise the impacts of research and development and investment in education.
“It provides a framework for the formation of regional precincts that can grow regional economies and create new jobs,” Mr Stevens said.