The NSW Government has today released the NSW Innovation Blueprint 2035 - a landmark strategy to cement NSW's position as the innovation powerhouse of Australia and a leader in high-value industries.
With NSW accounting for 65 per cent of the nation's venture capital investment in 2024, and home to five out of eight Australian unicorn companies (valued over $1 billion), the state is already a recognised leader in driving economic growth through innovation.
However, this is a position that cannot be taken for granted.
There is a global contest for talent and investment and the Government will not repeat the decade of Liberal-National delay.
The NSW Innovation Blueprint 2035 sets clearly defined goals and priority action areas that will guide how the NSW Government designs programs, allocates funding, and works with innovation stakeholders.
This will help NSW grow more unicorns like Afterpay, Atlassian, Canva and Safety Culture in the years ahead.
The NSW Innovation Blueprint 2035 complements the NSW Industry Policy released earlier this month, which sets out the Government's long-term vision and plans for the economic future of NSW.
Key actions from the NSW Innovation Blueprint 2035 include:
- 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.
The NSW Innovation Blueprint 2035 also sets a target of $27 billion in additional investment for the NSW economy over the next 10 years from innovation-intensive firms, and nearly 100,000 additional jobs.
The development of the NSW Innovation Blueprint 2035 has been informed by extensive consultation with innovation stakeholders, including 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 carried out a comprehensive assessment of the NSW innovation ecosystem to identify current challenges and opportunities.
Ms Pounder's report, also released today, found that while NSW benefits immensely from its current advantages in innovation, it is facing fierce competition domestically and internationally for its key industries and jobs.
Ms Pounder also found that existing supports in NSW are not always targeted at the most pressing needs or gaps in the innovation ecosystem, which the NSW Innovation Blueprint 2035 seeks to address.
The Government's vision is clear - we want NSW to be the best place to innovate, so that innovative businesses can create more economic and social opportunities for the people of NSW, and to help tackle the state's most important challenges.
Read the NSW Innovation Blueprint 2035, Pounder Review, and the 'What We Heard' Report, a qualitative summary of ecosystem stakeholder feedback collected during consultation on the NSW Innovation Blueprint 2035 on the Investment NSW website.
Quotes attributable to Minister for Innovation, Science and Technology Anoulack Chanthivong:
"Today the Minns Labor Government is releasing our NSW Innovation Blueprint 2035, which provides a clear strategic policy direction for fostering growth and prosperity in the state's innovation ecosystem and tech sector.
"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 can't be achieved without focusing on our state's most important resource - its people.
"By addressing inequities and fostering inclusivity, we're ensuring every talented entrepreneur and innovator in NSW has the chance to thrive.
"But 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.
"I want to thank Kate Pounder for her insights, and the feedback from hundreds of individuals, businesses and institutions that have helped inform the NSW Innovation Blueprint 2035.
"The work done to produce the final Blueprint been a significant collaborative effort and one that ensures NSW continues its trajectory as an innovation powerhouse."
Quotes attributable to Pounder Review Author and Former CEO of the Tech Council of Australia Kate Pounder:
"Committing to a strategic vision for the innovation ecosystem through the NSW Innovation Blueprint 2035 is huge step forward to ensuring NSW maintains its position as a world leader in the tech sector."
Quotes attributable to Tech Council of Australia CEO Damian Kassabgi:
"NSW is the largest contributor to Australia's innovation economy, and a clear path forward for the tech sector's growth is long awaited and welcome.
"The Tech Council of Australia thanks Minister Chanthivong for taking this important first step with the NSW Innovation Blueprint 2035, and we look forward to seeing practical outcomes from this plan to give NSW tech companies the support they need."
Quotes attributable to Country Manager for Afterpay Australia, on behalf of Block Inc. Katrina Konstas:
"Block Inc is proud to be a resident of Sydney's Tech Central precinct, a recent move solidifying our local commitment.
"The NSW Innovation Blueprint 2035 sets an ambitious and focused course for the continued growth of NSW's innovation ecosystem.
"We look forward to continuing to build an environment that attracts the next wave of innovators, entrepreneurs, technologists and scientists.
"Setting targets of $27 billion of additional investment demonstrates the leadership and support that tech startups need to grow their businesses and to ensure lasting success."
Quotes attributable to Business NSW CEO Daniel Hunter:
"Innovation and tech entrepreneurs are all across NSW and Business NSW fully supports any efforts to magnify their efforts.
"The NSW Innovation Blueprint 2035 focus on female founders and diverse backgrounds across the state is welcome as everyone deserves support on their entrepreneurial journey."
Quotes attributable to Head of Policy at the Committee for Sydney and Chair of the Innovation District Alliance Jeremy Gill:
"This is a clear signal to industry that innovation is core to the NSW Government's economic agenda, and it is determined to unlock the state's significant potential for job creation and investment attraction.
"Sydney is an innovation city, and so the Innovation Blueprint's recognition of the need for a place-based focus to nurture NSW's innovation ecosystem and the importance of a whole-of-government approach is strongly welcomed."
