4.5: Innovation
Encouraging innovation. Other Information:
Innovation and knowledge drive new business practices, processes and technologies. This recognition has led to the development
of new approaches to understanding the economic performance of nations and regions, including the concepts of global, national
and regional ‘innovation systems’. The ACT Government recently released its commissioned report into the ACT innovation system
entitled Innovation, Creativity and Leadership. The report focuses on the economic and business aspects of innovation, but
it also seeks to create awareness of the contribution that the ACT’s creative industries make to economic outcomes. The ACT
Government is examining a number of initiatives with local partners, with the aim of increasing the level of innovation within
the ACT economy. As an initial investment, the ACT Government will fund the ACT node of the Australian Plant Phenomics Facility,
a major new research facility co-funded by the Australian Government, the Australian National University and CSIRO under the
National Collaborative Research Infrastructure Strategy. The ACT Government is also funding specialist advisory services to
work closely with young innovation- and technology-based businesses to accelerate their development into investment-ready
or commercial entities. A small-grants program will co-fund specific projects and activities that contribute to company innovation
performance.
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