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Innovation 'vital' to economic growth

Innovation 'vital' to economic growth

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By Killian Plastow ·
October 22 2016

Innovation 'vital' to economic growth

Developing a national culture of innovation will be critical in supporting Australia's economic growth, according to Innovation and Science Australia.

Innovation 'vital' to economic growth
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In a speech given to the NZVCA 2016 Private Equity and Venture Capital Conference, Innovation and Science Australia chair Bill Ferris said a greater focus on innovation was essential to driving economic growth and competitiveness.

"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.

Mr Ferris said the successes of innovative businesses was important not just to investors and end-users, but "for the trajectory of the national economy as a whole", developing a culture that celebrated successes and learned from mistakes would add to the benefits innovation brings.

Innovation and Science Australia said encouraging this type of culture in Australia was "a key objective", and Mr Ferris encouraged audience members to seek out opportunities to support innovative businesses.

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"Encouraging the development and growth of startups, supporting the commercialisation of publicly-funded research and attracting R&D investment, are all important priorities," Mr Ferris said.

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