Although Australia still has a long way to go in terms of catching up to its global and regional counterparts, improvements are continuously being made to boost the country’s tech innovation. As of 2015, it ranked 17th in the Global Innovation index. However, three years on and it’s dropped to 20th place, although this is better than its 23rd place in 2017.
So, after initially falling behind, tech innovation is now improving at a gradual pace. Here, we’ll look at the factors driving tech innovation in Australia.
Accelerators, incubators and hubs
Accelerators, incubators and hubs are being implemented into Australia’s operations within the private sector as well as in academic institutions. They focus on enabling the development of new technologies.
If Australia wants to compete in the global market, focus needs to be placed onto commercialising new technologies. So, the numerous accelerators, incubators and hubs being set up across the country are certainly helping to boost its rankings in tech innovation.
The National Innovation and Science Agenda
In 2015, it was announced by the Minister that a new National Innovation and Science Agenda (NISA) would be implemented. A total of $1.1 billion was provided to be spread over a period of four years. NISA’s four main goals are:
- To provide new sources of funding to Australian entrepreneurs
- Improving collaboration between researchers and industry to create jobs and growth
- Develop and attract world-class talent for future job opportunities
- For the government to lead the way in terms of innovation
The NISA has so far introduced numerous initiatives to help boost tech innovation so far. Just some of these initiatives include advancing quantum computing technology, business research and innovation initiative, data sharing for innovation and improving insolvency laws to encourage innovation.
The development of high-speed infrastructure
It’s no secret that Australia’s infrastructure has been lagging globally in recent years. However, developments are being made to introduce a high-speed infrastructure. The government based in South Australia are particularly leading the way for this high-speed connectivity, connecting co-working spaces and innovation precincts to high-speed networks which are said to be up to 100 times faster than the national average.
Businesses across the country are also boosting their internet speeds by switching to a wired connection. Compared to wireless, a wired connection is much faster, more reliable and even a lot more secure. The cables used to create a wired connection can be kept hidden from site with the use of floor boxes from a company such as RS.
As the infrastructure becomes faster, it makes it possible for new technologies to be developed. Businesses will also find it much easier competing globally against their competitors.
The above is just some of the factors driving tech innovation in Australia. While the country may have lagged behind the rest of the world for some time in terms of connectivity, it’s now paving the way for new digital technologies and innovation. The government are placing huge importance on pushing the country’s innovation forward.