NSW reveals innovation plan with AUD $27 billion target
The New South Wales Government has unveiled the NSW Innovation Blueprint 2035, aimed at securing the state's position in the innovation and economic landscape.
NSW has been identified as a critical driver of venture capital in Australia, accounting for 65% of the nation's investment in this space during 2024. This plan aims to leverage the state's recognised influence by supporting high-value industries and nurturing startups that can contribute significantly to economic growth.
The NSW Innovation Blueprint 2035 outlines a set of clear goals and action areas, providing guidance on program design, funding allocation, and engagement with innovation stakeholders. This approach aspires to foster more successful companies akin to Afterpay, Atlassian, and Canva within the state.
Key actions in the blueprint include a strategic approach to funding that simplifies accessibility and ensures fairness, the development of world-class facilities with an emphasis on Tech Central, and support for talent development with a focus on diversity and regional inclusion. There is also a plan to boost global attraction through initiatives like an annual Tech Week to attract international venture capital investment into NSW.
The blueprint targets an additional investment of AUD $27 billion for the NSW economy over the next decade from innovation-intensive firms, alongside the creation of nearly 100,000 jobs. This strategy is informed by extensive consultations, which included a summit at NSW Parliament House and discussions with various industry representatives.
Former CEO of the Tech Council of Australia, Kate Pounder, who conducted a detailed assessment of the state's innovation ecosystem, emphasized the global competition for industries and jobs faced by NSW. Pounder's analysis revealed that current support mechanisms are not always optimally aligned with the ecosystem's pressing needs, a gap the blueprint aims to bridge.
Minister for Innovation, Science and Technology, Anoulack Chanthivong, stated, "Today the Minns Labor Government is releasing our NSW Innovation Blueprint 2035, which provides a clear strategic policy direction for fostering growth and prosperity in the state's innovation ecosystem and tech sector." He added that the blueprint, together with the NSW Industry Policy, will prepare the state for future economic challenges by focusing on its people.
Kate Pounder lauded the blueprint, declaring, "Committing to a strategic vision for the innovation ecosystem through the NSW Innovation Blueprint 2035 is a huge step forward to ensuring NSW maintains its position as a world leader in the tech sector."
CEO of the Tech Council of Australia, Damian Kassabgi, commented, "NSW is the largest contributor to Australia's innovation economy, and a clear path forward for the tech sector's growth is long awaited and welcome." He expressed optimism about the plan's impact on supporting tech companies in the region.
The Country Manager for Afterpay Australia, Katrina Konstas, noted the importance of setting ambitious targets, stating, "Block Inc is proud to be a resident of Sydney's Tech Central precinct, a recent move solidifying our local commitment."
Business NSW CEO, Daniel Hunter, emphasised the significance of inclusivity in innovation, stating that the focus on female founders and diverse backgrounds is a crucial aspect of the blueprint.
Jeremy Gill from the Committee for Sydney highlighted the alignment of the blueprint with Sydney's innovative landscape, emphasizing the importance of a place-based focus and a governmental approach to nurturing innovation.
The NSW Innovation Blueprint 2035 sets out a clear roadmap for the state's innovation economy, engaging multiple stakeholders to ensure the strategic vision supports and drives economic and social opportunities.
