A recent report on New South Wales' innovation sector reveals the state's strong position in driving economic growth and harnessing new opportunities from emerging industries, investments, and talent. The 2024 Innovation and Productivity Council Scorecard compares NSW’s performance against both domestic and international benchmarks, offering a comprehensive analysis of the strengths and areas for improvement in the state's innovation ecosystem.
The scorecard highlights NSW’s impressive achievements in several key areas:
- Startup and Spinout Growth: NSW leads Australia in generating new startups and spinout companies from universities and research institutes, demonstrating strong connections between academia and the entrepreneurial ecosystem.
- Venture Capital Investment: The state also tops countries like Canada, Germany, and Japan when it comes to venture capital investment relative to Gross State Product (GSP) or Gross Domestic Product (GDP), a key indicator of the state's ability to attract funding for innovative projects.
Despite its strong performance, the report identifies areas where NSW can improve, particularly in international productivity growth. While the state excels in economic and productivity growth compared to other Australian regions, its performance lags behind in global comparisons.
The findings of the scorecard come as NSW continues to develop its Innovation Blueprint, a strategic framework designed to strengthen collaboration between businesses, universities, and government agencies to further drive the state's innovation capabilities.
For more details on the NSW Innovation and Productivity Council’s 2024 Scorecard, visit the official dashboard and report.