A new guideline for Australia’s innovation precincts

Cropped shot of coworkers using sticky notes on a glass wall during a meeting

Minister for Industry, Science and Technology, Karen Andrews, today released the Statement of Principles for Australian Innovation Precincts, which provides a guide for developing innovation precincts across Australia.

There are many active and planned innovation precincts in Australia. Australia currently has more than 50 established precincts, and statistics show job creation rates are more than double in regions where innovation precincts exist.

The Statement of Principles for Australian Innovation Precincts provides best-practice advice to drive successful development of innovation precincts.

“Innovation precincts enable partnerships between businesses, researchers, universities and governments to flourish,” Minister Andrews said.

“The Australian Government has developed this flexible Statement together with universities, industry and state and territory governments. Stakeholder feedback has revealed common principles will make it easier for new and existing precincts to have more of an impact.”

The statement has four principles, which emphasise the importance of:

  • local leadership in innovation precinct development
  • removal of barriers to align policy
  • building up capability and connections
  • coordinating skills development within innovation precincts

“This Statement responds to a recommendation in Innovation and Science Australia’s 2030 Strategic Plan, Australia 2030: Prosperity through Innovation, and provides guidance on best practice principles for developing innovation precincts,” Minister Andrews said.

The Statement complements the Government’s measures to boost industry-research collaboration such as the Cooperative Research Centres Program, the Industry Growth Centres Initiative, and the Small and Medium Enterprises Export Hubs Initiative.

State and territory governments agreed to the principles outlined in the Statement at the COAG Industry and Skills Council held in Adelaide this week.

“The Coalition Government is committed to working with state and territory governments and participants to create well-integrated innovation precincts where resources, ideas, opportunities and challenges can be easily shared,” Minister Andrews said.

More innovation precincts are in the planning stages, reflecting significant investment by businesses, universities, hospitals, and governments.

Co-location within innovation precincts enables businesses to find solutions to problems, respond to opportunities, and translate research into commercial products and services.