The NSW Government Statement on Innovation outlines how the NSW Government plans to enhance industry innovation as a means to improving productivity and increasing business investment.

The Statement on Innovation advocates a stronger focus on improving productivity in industries that are most likely to bring benefits to the broader NSW economy.

Five key sectors have been chosen for initial investigation and focus:

The NSW Government Statement on Innovation targets five innovation policy goals:

Improve human capital – A key part of future training will be closer links between schools, TAFE and local businesses; investment in education for high-level skills; and the linking of support to industry workforce demands

Upgrade knowledge and information infrastructure – The NSW Government will adopt a policy of supplementing and supporting the needs of the private sector while not competing with it

Reduce the cost to business of using science and technology – The NSW Government will work to make intellectual property generated in the institutions it supports – including universities and other research organisations – more readily available to businesses that can make best use of it

Encourage capital allocation to invest in innovation – The NSW economy may benefit from greater private capital allocation and investment in innovative ventures, and will investigate appropriate means to implement this objective

Reduce regulatory barriers to innovative NSW companies – The NSW Government has shown a strong commitment to reducing the burden of red tape on NSW businesses. Government activity in supporting innovation will include identifying and easing regulations that impede innovation in key sectors.

More information about the NSW Government Statement on Innovation can be obtained from the Department of Industry and Investment innovation Unit (02 8222 4884) and innovation@business.nsw.gov.au