The Queensland government has launched a new $142 million Advance Queensland – Innovation for a Future Economy 2022-2032 roadmap.
The roadmap builds on the success of the existing Advance Queensland innovation agenda, setting out the state’s innovation priorities to drive good jobs in the lead up to the 2032 Olympic and Paralympic Games in Brisbane.
Queensland premier Annastacia Palaszczuk made the announcement at a special Cabinet meeting at The Precinct in Fortitude Valley.
“When we started on the Advance Queensland journey back in 2015, our aim was to drive innovation, entrepreneurship and jobs to engage in the emerging global future economy,” she said. “That includes things like the Internet of Things, artificial intelligence, robotics and biotechnology – that in effect are producing a range of new and interconnected industries, including circular, renewable energy, personalised health, biofutures and digital economies.
“Since then, we’ve invested $755 million, in turn leveraging $988 million from industry partners and supporting more than 27,000 jobs in the state, of which over 11,400 are in the regions.”
According to Palaszczuk, innovation and entrepreneurship are crucial as economies are fundamentally being transformed by major technological shifts – from AI to biotechnology. Places like Silicon Valley and companies such as Airbnb and Tesla.
“We have to continue to innovate and grow and to capitalise on the success of Advance Queensland initiatives to accelerate economic growth opportunities for Queensland in the lead up to Brisbane 2032,” she said.
“We also want to continue to reverse the brain drain. We want to build on Queensland’s enviable lifestyle as a strategic advantage to us being able to help get our smartest people back here. Today’s roadmap builds on that.”
The $142.2 million in funding includes:
- $100 million over three years for new and existing programs under Advance Queensland;
- $15 million for the Queensland Innovation Precincts and Places Strategy and Action Plan;
- $10.2 million for the Innovation Action Plan and Office of the Chief Entrepreneur; and
- $17 million for Department of Environment and Science to support priority industry-science centres of excellence and partnerships and accelerate university commercialisation.
The Advance Queensland initiative is designed to harness local innovation to grow jobs and exports, as the Beattie government’s Smart State has with biotechnology research and infrastructure.
Innovation minister Stirling Hinchliffe said Advance Queensland’s investment in entrepreneurship was important for building legacy from the 2032 Games.
“Building the Silicon Valley of sport innovation here in Queensland means supporting innovation in wearable tech, smart stadiums, sport data analytics and new technology for connecting with fans few have imagined,” Hinchliffe said.
“Our 10-year Advance Queensland innovation roadmap empowers innovation precincts to be the engine rooms of the collaboration and research we need to bring sport-changing technology to life. Queensland sport technology innovators like VALD and their world sport and health export clients are already demonstrating what’s possible.
“Sport-tech is predicted to double in size and value to around $60 billion globally within four years and be a world enterprise Queensland is capable of leading.”
Queensland chief entrepreneur Wayne Gerard said there were two primary driving factors that would turbocharge innovation in the state.
“As we build momentum towards hosting the 2032 Games, we will look to position ourselves as a major location for sport innovation – integrating technology to improve the experience of fans and athletes alike,” Gerard said.
“Wearable tech, virtual and augmented reality, sports data analytics, digital signage, smart stadiums, smart automated and electric transportation, and live streaming are behind the evolution of sports and its method of engaging fans.”
World renowned immunologist and TRI CEO Professor Ian Frazer said Queensland had invested for some time in facilities to enable research of benefit to society.
“Investing in Innovation Places where the economic and social potential of the research can be realised through collaborations between researchers, investors and industry was a logical extension of the investments already made,” Frazer said.
“The proposed investments in Innovation Places will create new industries and provide opportunities for development and employment of a skilled workforce locally in Queensland.”
For more information visit https://advance.qld.gov.au/innovation-future-economy.