Australia stands at a critical juncture in its journey to boost the national innovation ecosystem. Institutional reform, targeted investment, increased collaboration and improved evaluation will create an innovation sector that can commercialise, iterate, experiment and develop the technologies to support better lives in Australia and around the world.

Drawing on expert consultations, this report presents key insights and strategies for the government, research institutes, investors and businesses to revitalise the Australian innovation landscape. With these strategies in mind, the report proposes four broad recommendations to boost the innovation pipeline. 

Implementing these recommendations requires coordinated action from all stakeholders in the innovation ecosystem: federal and state governments, small to medium enterprises, large industry players, and universities and research institutions. 

Strategies

• Balancing the economic and public value of outcomes
• Long-term policy horizons
• A non-linear innovation pipeline
• Differing incentive structures
• Fundamental discovery as a bedrock
• Support for varied organisational capacities
• Market-driven success

Recommendations

1. Innovation-ready research institutions
2. Improving collaboration
3. Increasing innovation investment
4. Create better impact measurement and strategic focus