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NSW Unveils its Innovation Strategy

Monday, 05 Dec 2016

Forges closer ties between entrepreneurs and government.

The NSW government has unveiled an innovation strategy that aims to foster a culture of entrepreneurialism both within agencies and also across the wider state economy.

Minister for Innovation and Better Regulation Victor Dominello said the government was “opening the front door to entrepreneurs” to help address what he saw as the state’s “pressing challenges”.

“The digital age has transformed technologies, businesses and consumer expectations,” Dominello said.

“It is imperative that government agencies embrace new ideas and ensure that current and future policies reflect the disruptive age in which we live.”

Dominello said that the government would create a Ministerial Innovation Committee to oversee the implementation of the strategy and encourage agencies to embrace innovation.

The government will also make it easier for entrepreneurs to engage with the state, both to co-innovate and also to test new ideas.

One of the so-called “headline initiatives” in this area is the planned creation of a NSW Innovation Concierge (NIC) that will operate as a front door for entrepreneurs wishing to do business with the government.

“The NIC will include a ‘Shark Tank’ process in which select entrepreneurs will have the opportunity to pitch transformative ideas to relevant government advisers and relevant industry experts that seek to address pressing challenges,” the government said.

In addition, the government plans to create “regulatory sandboxes” to help businesses that are subject to strict NSW regulations to “test innovative new business models and technologies” without endangering their compliance obligations.

The government is relying, in the first instance, on industry to inform it of the “NSW regulations [that] have created barriers for testing an innovative product or service.”

To read the full article, click here.