The Hon Karen Andrews MP
Minister for Industry, Science and Technology
Canberra ACT 2600
I am pleased to present Innovation and Science Australia (ISA)’s report, Stimulating business investment in innovation. This is the first of two reports you asked ISA to deliver in your Statement of Expectations, dated 19 February 2019.
ISA believes that this report can advance the objective of increasing business investment in innovation which will contribute to ensuring Australia has a robust and resilient economy where Australian businesses are internationally competitive through their ability to innovate.
ISA consulted with a diverse range of businesses across Australia, and with government departments and agencies, to understand the drivers and barriers to business investment in innovation. This report leverages quantitative and qualitative analyses (see the attached AlphaBeta and Nous Group reports, Appendices A and B respectively) which provide insights into the role of research and development (R&D) and non-R&D innovation in Australia’s economy.
The report makes four strategic recommendations and also provides examples of government and business led initiatives that might be considered to stimulate increased investment in innovation to boost business productivity, increase business revenue and deliver more jobs.
ISA Board Chair
20 February 2020