More than two years in the making, the New South Wales Government has released its Innovation Blueprint, stating it will guide how the government will design projects, allocate funding, and work with stakeholders.
The NSW Innovation Blueprint 2035 follows the NSW Industry Policy that was released in March, and a motion in February by Liberal MP Jacqui Munro for the government to table all documents relating to the blueprint.
The blueprint sets a target of $27 billion in additional investment for the state economy over the next 10 years from innovation-intensive firms and nearly 100,000 additional jobs.
Key actions outlined in the blueprint:
A strategic approach to funding: Ensure existing and future programs are easy to navigate, more equitable, and support key industries identified in the Industry Policy.
World class places: Enhance access and use of NSW’s world-class facilities and continue to develop Tech Central as a flagship innovation district.
Talent development: Support people in the ecosystem through increasing collaboration and enhancing innovation hubs, including supporting founders from diverse backgrounds, Western Sydney, and rural and regional areas.
Global attraction: Explore launching an annual Tech Week and engage with global and local investors to bolster international venture capital investment into NSW.
Minister for Innovation, Science and Technology, Anoulack Chanthivong, said the blueprint provided a “clear strategic” direction to foster growth and prosperity in the innovation ecosystem.
“NSW has a proud track record of innovation, but we cannot rest on our laurels. Together with the recent release of the NSW Industry Policy, the NSW Innovation Blueprint 2035 will ensure we stay ahead of the curve, create quality jobs and drive economic growth.
“This is about more than just tech – we are supporting innovation across all industries, to make a more productive economy and help build a better NSW. By addressing inequities and fostering inclusivity, we’re ensuring every talented entrepreneur and innovator in NSW has the chance to thrive,” Chanthivong said.
In 2024, New South Wales accounted for 65 per cent of the nation’s venture capital investment as well as being home to five out of eight Australian unicorn companies (valued over $1 billion), the government said.
The blueprint was informed by consultation with innovation stakeholders, a summit at NSW Parliament House, and a series of roundtables with industry bodies, startups, scaleups and venture capital investors.
Former Tech Council of Australia CEO, Kate Pounder, also completed an assessment of the current ecosystem to identify current challenges and opportunities. Her report found existing supports are not always targeted at the most pressing needs or gaps in the innovation ecosystem and the state was facing “fierce competition” here and overseas for its key industries and jobs.
Read the NSW Innovation Blueprint 2035, Pounder Review, and ‘What We Heard’ Report, a qualitative summary of ecosystem stakeholder feedback collected during blueprint consultation on the Investment NSW website.
