New analysis of NSW’s innovation system claims that the state leads the nation when it comes to harnessing opportunities from new investment, ideas, industries and talent.
According to the NSW government, the NSW Innovation and Productivity Council’s 2024 Scorecard compares the state against domestic and international jurisdictions using a range of data sources and metrics to highlight opportunities for the state to perform even better.
“The report card shows that NSW outperforms the rest of the nation in new startup and spinout companies arising from universities and research institutes, and tops Canada, Germany and Japan on venture capital investment as a share of gross state product or gross domestic product,” says the government.
“While NSW beats other Australian states when it comes to economic and productivity growth, the report card finds there is room for NSW to improve productivity growth when it comes to international comparisons.”
The scorecard has been released as the NSW government continues to work on its Innovation Blueprint, which will set a clear framework for the way businesses, universities and government work together.
“The ability to innovate across the economy will be crucial to creating the jobs of the future and tackling our biggest challenges, including rebuilding manufacturing in NSW,” says NSW Minister for Innovation, Science and Technology Anoulack Chanthivong.
“The scorecard shows that NSW is a national and global leader but there’s much more to do to ensure government, industry and communities are working together for maximum impact.
“The NSW Innovation and Productivity Scorecard highlights the strengths of our innovation system but also gives us a good indication of where we should be focussing our efforts to capture new opportunities or improve outcomes.
“We’ll be using this work to strengthen the Innovation Blueprint and putting in place a clear strategic direction for growing and supporting the NSW innovation sector.”