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Policy directions to increase business investment in innovation

Innovation Business investment Research and development Australia

This report sets out directions for change and opportunities that should increase business investment in innovation. These directions are not new; rather, they represent a change in emphasis and the active engagement needed to make a difference. The wide engagement with businesses through this study led to the conclusion that governments can help businesses invest more effectively in innovation through:

  • constructing an inclusive and compelling narrative on innovation
  • consolidating, redesigning and coordinating grants programs
  • concentrating support to build thriving industry ecosystems
  • fostering collaborations, including between business and government
  • using procurement to drive innovation
  • improving the foundations for businesses
  • working more effectively with business to build skills

The policy directions outlined in this report were developed through a co-design process involving businesses and government staff engaged in industry policy. These directions aim to improve the four elements that work together to increase businesses’ capacity and inclination to invest in innovation – desirable internal characteristics, more opportunities, reduced risk and a thriving industry ecosystem.

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