In November 2007, the NSW Government established an Innovation Council and Secretariat to advise the Government on ways to develop innovation-led growth in NSW. The establishment of the Innovation Council and Secretariat is a key element of the Government’s ‘Open for Business’ strategy for NSW.
To encourage innovation, the NSW Government aims to:
- Boost high level skills
- Upgrade NSW’s knowledge and information infrastructure
- Reduce the cost to business of using science and technology
- Encourage more private sector investment in innovation
- Cut red tape that stands in the way of innovation.
The 5 key sectors the NSW Government is committed to delivering innovation-led growth in are:
- Logistics and transaction services
- Financial services
- Entertainment, design and media
- Resources, especially coal
The NSW Government has also outlined innovation initiatives it will pursue in the future, including:
- A plan to roll out Wireless Broadband Infrastructure across NSW;
- Goal of establishing an Institute of Advanced Finance, in conjunction with the private sector and universities, to promote Sydney as a financial hub;
- Goal of establishing NSW as a world centre of research in clean coal technology;
- Attempt to build NSW’s share of Australian government supported R&D resources, which have declined in recent years.
For more information, see the Government’s statement on innovation at http://www.business.nsw.gov.au