Calls for innovation culture change welcome

Calls for a wide-ranging national approach to strengthening Australia’s innovation culture have been welcomed by Industry, Innovation and Science Minister Christopher Pyne.

Addressing the Committee for Economic Development of Australia in Adelaide, new Innovation Australia chair Bill Ferris said Australia needed a cultural shift across research, industry and policy to boost venture capital investment, increase collaboration and embrace the opportunity inherent in risk.

Mr Pyne today said Mr Ferris’ comments confirmed the need for action to help Australian businesses in all sectors to embrace innovation.

“Mr Ferris has long experience in the risky venture capital industry and is taking a keen advisory role during the development of the National Innovation and Science Agenda, and we value his perspective and the wealth of experience he contributes,” Mr Pyne said.

“Mr Ferris has correctly pointed to the importance of innovation both for today’s jobs, exports and profits – but also ensuring that future generations can exploit these opportunities.

“He reminds us that Innovation applies to all sectors and areas: from agriculture to IT, from start-ups that don’t exist yet and small businesses all the way up to our biggest companies.

“We have got to look at all options to ensure the money the Government spends on innovation – all $9.7 billion of it – goes where it can do the most good.”

The Agenda will focus on four pillars of improving talents and skills, commercialising research, raising capital, and government to change a pervasive culture of risk averseness and build entrepreneurship, and is expected to be announced early next month.