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The value of developing Australian innovation precincts has been recognised by Australian, state and territory governments. For example Innovation and Science Australia’s 2016 performance audit of the innovation system and Australia 2030: Prosperity through Innovation identified improving knowledge transfer and industry-research collaboration as a priority challenge.

Recognising this, in 2018 the Australian Government released the Statement of Principles for Australian Innovation Precincts, which provides best practice guidance to drive successful development of innovation precincts. The report identifies four core principles for building a successful innovation precinct:

  • local leadership
  • removing barriers and aligning policy
  • building capability and connections
  • skills development.

State and territory governments agreed to the principles at the COAG Industry and Skills Council meeting in April 2018.

The NSW Innovation and Productivity Council released NSW Innovation Precincts: Lessons from International Experience to understand the factors that contribute to successful, globally-significant innovation precincts as well as common risks and failures.

The Victorian Government has released Unlocking Enterprise in a Changing Economy, a planning policy dedicated to the promotion of local 'Enterprise Precincts' as hubs for the emerging economy to complement larger National Employment and Innovation Clusters.

The Department of Industry, Innovation and Science has also worked with CSIRO’s Data61 to develop a map of Australian innovation precincts, hosted on Innovation Map.

Australia can also look to successful precincts internationally. There are successful innovation precinct operations around the world. The Brookings Institution, based in Washington DC, has collected a significant body of evidence drawing on case studies in the United States of America.