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INFORMATION WORKSHOP (ROADSHOW)

Regional New Industries Fund

•  Introduce the Regional New Industries Fund (RNIF): •  What it is •  What it seeks to achieve •  Kinds of projects supported •  How to apply and timeframes

• Describe the role of the Fund in: •  Improving the capability for innovation in WA’s regions •  Filling gaps in the regional innovation ecosystems •  Promoting regional collaboration and partnerships

•  Interactive and participatory •  Agreed plan for moving forward in the region

Purpose

Author: Dr Simon WhiteExecutive Director, Publicus Pty. LtdPerth, Western Australiasimon@simonwhite.com.au

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• Today’s agenda (handout)

•  Introductions

• Expectations – anticipated outcomes

Regional New Industries Fund Promoting Regional Innovation

Simon White: 16 March 2018

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Innovation: old concept, renewed attention •  Businesses are constantly innovating •  Innovation:

•  New products •  New services •  New processes, methods and business models

•  Innovation lies at the heart of competitiveness •  Competition drives innovation (demands change) •  And in turn improves competitiveness

•  Businesses compete in local, national and international markets •  Regions can help local businesses to innovate become more competitive •  While government can do things different (social innovations), it is business that

innovates

Innovation promotes economic growth •  Innovation is a form of investment

•  Of time •  Of money •  Of energy

•  Innovation creates value at the firm-level in terms of: •  Productivity •  Competitiveness •  Profitability

•  As these changes occur in firm, they contribute to change in the economy in terms of:

•  More and better products and services •  More and better jobs (including higher-skilled, better-paid jobs)

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Starting points • Where to start when promoting innovation in the region?

•  The existing business sector (SMEs) •  Especially those with the potential for growth – connected to growing national

and international markets •  Focus: building on current regional assets: expansion–competitiveness–

profits •  Industry clusters – innovation circles •  Academia-Industry-Business – applied R&D

•  Emerging entrepreneurs and ‘start-ups’ •  Focus: (potentially disruptive) new ideas and ventures •  Facilities and programs: hubs, workspaces, accelerators…

Talent, Skills and Entrepreneurs

Building and sustaining a strong pipeline of talent with a relevant mix of STEM and entrepreneurial skills to commercialise ideas globally.

Investment and Infrastructure

Ensuring an accessible network of transport, telecoms and capital to facilitate the movements of people, informaBon and goods.

Culture and CollaboraBon

Increasing connecBvity between regions and stakeholders to beDer support entrepreneurs and innovators.

MarkeBng and PromoBon

CelebraBng our successes and developing a consistent, globally recognised brand that aDracts talent to our regions.

The Innovation Ecosystem

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Innovation systems

•  The drivers of innovaBon •  CompeBBon drives innovaBon by business •  InnovaBon is not an linear process •  InnovaBon systems describe the connecBons between ecosystem actors and

the flow of informaBon •  CreaBng a ‘culture for innovaBon’ where businesswomen and men take risks,

try new ideas and approaches, collaborate with others

• Markets for innovaBon support •  The transacBons between firms and the inputs they require for innovaBon

•  Finance, technical advice and knowhow, market informaBon, regulatory space, physical space and faciliBes, etc.

Regional innovation ingredients •  What does an innovaBve region look like?

•  No single blueprint – different places, different prioriBes •  Business sees the region as a place to conBnue invesBng in •  A compeBBve environment •  An enabling environment:

•  Business environment – policies, laws and regulaBons •  Infrastructure and faciliBes •  Public-private dialogue •  State and local governments work in partnership

•  Business-to-business collaboraBon (sharing informaBon and resources) •  A culture of innovaBon and excellence

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Possible strategy areas Some steps towards a beDer regional innovaBon system

•  Support industry cluster collaboraBon •  Broker academia-industry-business partnerships

•  [$4.50 return for every $1 invested in collaboraBon; UniversiBes Australia 2018]

•  Facilitate improved access to financial and business services for innovaBon •  Improve the culture of innovaBon – recognising and celebraBng local

successes •  Pilot new approaches in the global, digiBsed economy •  Create more enabling business environments – removing barriers to

innovaBon •  Nurture skills development in entrepreneurship and innovaBon

Thank you