NSW Innovation Blueprint takes shape with new scorecard insights
A recent analysis of the New South Wales innovation system has revealed that the state is a national leader in harnessing opportunities from new investment, ideas, industries, and talent.
The NSW Innovation and Productivity Council's 2024 Scorecard compares NSW against domestic and international jurisdictions, using a range of data sources and metrics to identify areas for improvement.
According to the latest report, NSW outperforms the rest of the nation in terms of new startup and spinout companies arising from universities and research institutes. Additionally, the state tops Canada, Germany, and Japan in terms of venture capital investment as a share of Gross State Product (GSP) or Gross Domestic Product (GDP).
While NSW excels in economic and productivity growth compared to other Australian states, the report suggests that there is room for improvement in terms of international comparisons. The scorecard highlights the strengths of the NSW innovation system, including its highly educated and skilled workforce, world-class universities, and ambitious startups.
"Our latest Innovation and Productivity Scorecard is a comprehensive analysis of NSW's place in the global innovation context and outlines where we can sharpen our focus to achieve long-term success," NSW Innovation and Productivity Council Chairman Charlie Taylor explained.
"NSW has a highly educated and skilled workforce underpinned by our world-class universities and researchers. We also have a wealth of ambitious startups, supported by strong venture capital, that are developing innovative products and services."
Investment NSW Deputy Secretary Rebecca McPhee added, "The NSW innovation system is evolving, and government policy is evolving alongside it. To continue to mature and take advantage of new opportunities, we need a strong strategy."
The NSW Government is using the scorecard to inform its NSW Innovation Blueprint, which aims to set a clear framework for the way businesses, universities, and government work together. The report card provides valuable insights for policymakers, industry leaders, and innovators, highlighting areas where NSW can improve and capitalize on its strengths.
