The Innovative pillar focuses on boosting Victoria’s capability to research, develop and commercialise new goods and services to be the heart of entrepreneurship in Australia. This pillar presents ways Victoria can foster collaboration and entrepreneurialism to create solutions to problems faced by business, industry and society and turn more ideas into commercial success stories.
Innovation is a primary driver of Victoria’s development and necessary to unlock Victoria’s latent capability and potential. It affects all sectors of society and is how Victoria can progress and advance as a state. The Innovation pillar focuses on fostering Research and Development (R&D) projects, nurturing R&D partnerships with sufficient financial support, and embedding an entrepreneurial spirit in younger generations to solve the problems of today and the future.
Innovation is critical to the advancement of Victoria relative to the rest of the world. It is the key to entering new markets and competing on the global stage. New technologies are constantly evolving and to achieve a comparative advantage in targeted industry sectors, Victoria must embrace a world-class entrepreneurial ecosystem. This requires an interconnected R&D network that drives entrepreneurship, innovation and commercialisation through strengthening links between research institutions and industry.
A culture of innovation enhances the State’s capacity to proactively tackle collective and social problems. Creative problem-solving is important to providing solutions to the challenges that modern society faces, particularly around climate change. Government plays a key role in supporting innovation and it must be more commercially oriented to drive market led opportunities.
Cultivating creativity and innovation makes Victoria a stronger global competitor and keeps the state up-to-date with new and emerging products and technologies. Without innovation, Victoria would stagnate. Innovation is the forward-looking tool needed for the advancement of society.
Australian Synchrotron Photo courtesy of ANSTO