NSW Innovation Precincts: Lessons from International Experience
Successful innovation precincts deliver economic and productivity benefits for government, businesses, investors and workers. These can include higher wages and quality jobs for workers, superior products for consumers and higher tax revenues for government.
NSW Innovation Precincts: Lessons from International Experience explores the factors that contribute to successful, globally significant innovation precincts as well as common risks and failures, with the objective of supporting successful precinct development in NSW.
The report identifies:
- the economic benefits of innovation precincts, which include higher than average productivity, greater resilience to economic downturns and better leverage of government investment in major assets.
- areas where place-based innovation activity is occurring across NSW, including activity types and growth sectors.
- seven factors for success based on the experience of globally significant innovation precincts, which include market drivers, competitive advantage, collaboration, infrastructure, amenity, enterprise culture and leadership.
- barriers to success for innovation precincts, which are reliant on a complex mix of stakeholders, economic drivers and local factors in order to succeed; and
- the role that all stakeholders can play, including the NSW Government which can support precinct development by making strategic public investment, driving regulatory reform and bringing stakeholders together.