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QLD $11B Innovation Opportunity

by Angel Jemmett •
Free resource

The Queensland government will develop a ten-year innovation plan to create up to 80,000 new jobs and add $11 billion to the economy based on research that it commissioned from the University of Queensland (UQ).

UQ's Economic Significance of Innovation Precincts in Queensland report outlines how the government can develop and enhance the state’s technology sector, and predicts that a major uplift of the three largest innovation precincts will result in a thriving digital economy and workforce.

The Queensland government made an immediate response to the UQ findings, launching A Place for Innovation: Queensland Innovation Places Strategy, . This discussion paper seeks input from universities, research institutes, industry groups, private companies, community members and ‘all interested stakeholders’ to help develop the Queensland Innovation Places Strategy 2022–2032. Feedback submissions will close on Friday, 26 November 2021.

The discussion paper outlines the state’s vision to create highly-connected, engaged and collaborative innovation hubs to connect assets, people, products, services and businesses that will deliver long-term economic growth.

Advance Queensland, a $755 million innovation initiative, will lead the development of the innovation strategy.

Under this vision, Queensland seeks to ensure that by 2032, the state’s innovation precincts are globally competitive, offer a strong pipeline of products, services and projects, and generate entrepreneurial culture and careers.

Innovation Minister Stirling Hinchliffe said in a statement earlier this month that innovation is the key to rebuilding Queensland’s future faster than the other state’s and territories.

“The confident predictions and recommended way forward outlined in the UQ research study backs this up. Innovation works best when industry and researchers work together to bring new ideas and applications to life and to market.”

  • QLD
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