Innovatia

Important for the creation of high-tech indus- tries is the Queensland New Industry Development Strategy, which we launched in May 2023, support- ing businesses to tap into manufacturing opportu- nities to build the infrastructure and products the world needs to shift to renewables. Through the Queensland Digital Economy Strategy and Action Plan, also launched this year, we will invest $200 million over three years to grow our digital economy and improve digital connectiv- ity throughout the state. As part of Our Thriving Digital Future: Queensland’s Digital Economy Strategy, the government will also deliver the Queensland Digital Infrastructure Plan, state-wide plans for digital inclusion and cyber secu- rity, and a First Nations digital strategic plan. Was there a particular overall name or theme for the recent funding? The theme of the Advance Queensland roadmap is ‘Queensland’s time to shine’ on the road to the 2032 Brisbane Olympic and Paralympic Games. It outlines six priority outcomes to drive the innova- tion generation over the next 10 years. We are focused on greater investment attraction and more innovative businesses starting, growing, and staying in Queensland. We are supporting our world-class research and collaborations to create commercialisation oppor- tunities, and supporting our existing and emerg- ing priority industries and talent to be globally competitive. We are meeting Queensland’s big challenges and events head-on and finding innovative and sustain- able solutions; developing world-class innovation infrastructure to drive ideas through to commer- cialisation, adoption, and diffusion; and creating

favourable conditions for Queensland to have a well-connected, inclusive and thriving innovation ecosystem. How does the current administration describe in simple terms the relationship between high tech (innovation) investment, and economic develop- ment? What are the general time-frames from ini- tiation to measurable results in the economy? A competitive economy and modern society must always be innovating. The timeframes for impact from innovation vary with the complexity

recent years, technology has also made it possible for rapid changes to the way we do business – just look at the use of QR codes in commerce. We want to get our innovations to market quicker, and reduce the timeframe between implementa- tion of innovation programs and the associated outcomes. Advance Queensland includes support of for research and development of ‘new-to-world’ inno- vations and their diffusion to domestic and inter- national businesses through translation and com- mercialisation processes. An evaluation of the ini-

investment, with an estimated benefit-to-cost ratio of at least 1.6 – for every $1 we invest directly, we see a return of at least $1.60 in economic benefits. Do the demands and priorities of running a com- plex government mean that science, technology and R&D funding naturally takes a number of years to surface and be backed by concrete action? What should the public understand about the difficulties or processes involved in conceiving and delivering funding in this sector? My government takes a long-term approach to its investments in science and innovation and the benefits they bring to the local economy. We rec- ognise these investments don’t yield immediate outcomes, but we are confident they help to secure Queensland’s economic future by developing new knowledge economy industries. The Advance Queensland initiative is built on suc- cessful past investments, which established key scientific infrastructure throughout the state and attracted world class scientists and innovators to Queensland. This has produced a wealth of research and many highly skilled university graduates. We remain committed to this as we work toward a brighter future for Queensland.

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of new products and services. New medical break- throughs can take a decade from identification to being used to treat people. However, as we saw in

tiative has found the collective effort is making a genuine impact. The initiative also provides a positive return on

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INNOVATIA

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