Innovation key to Australia's future prosperity

Strengthening Australia’s innovation systems is essential to the nation’s future economic growth and prosperity, according to Innovation and Science Australia Chair Bill Ferris.

During a speech at the NZVCA 2016 Private Equity and Venture Capital Conference, Ferris said innovation will be the linchpin of the digital economy.

“Heading deeper into this 21st century, innovation will play an increasingly vital role in securing and maintaining the economic growth and individual prosperity to which countries like New Zealand and Australia have become accustomed,” he said.

Start-ups will play a key role in the innovation ecosystem, and Ferris said he is impressed by some of the successes enjoyed by New Zealand start-ups.

“These types of successes are important, and not merely for the founders, investors and end users of innovative new products or services, but for the trajectory of the national economy as a whole,” he said.

Realising the benefits innovative start-ups can bring to a national economy will require creating a culture that “celebrates success while seeing the value in learning from ventures that don’t work”, Ferris said.

The upcoming audit of Australia’s innovation system will provide whole-of-government advice on fully harnessing Australia’s innovation potential and guide the development of the 2030 Strategic Plan, he said.

Image courtesy of CHAMP Private Equity.