Opportunities for Australia to overcome innovation challenges and realise greater value from innovation investments

Science and technology have always played a key role in supporting Australia’s growth and productivity. However, with a weak economy and COVID-19, science and technology are more critical than ever.

The innovation cycle diagram which illustrates the pathway through which innovation creates value and impact.

The innovation cycle illustrates the pathway through which innovation creates value and impact. There are four core stages and eight steps.

Stage 1: Inception

  • Ideas, needs and investment

Stage 2: Value creation

  • R&D and application
  • Knowledge and capabilities

Stage 3: Value capture

  • Adoption and diffusion
  • Transformation and improvements

Stage 4: Wider impacts

  • Productivity and economic impacts
  • Social and environmental impacts
  • Potential reinvestment

Science and technology have always played a key role in supporting Australia’s growth and productivity.

Innovation is more important than ever

Science and technology help improve productivity, can provide social and environmental benefits, builds resilience, and enhances international competitiveness.

The Value of science and technologyreport examines the mechanisms through which science and technology create value and can drive economic recovery and future resilience. These mechanisms form an innovation cycle which is illustrated in the report.

While Australia is strong in research, it has not been as successful in translating this research into valuable economic outputs. This report examines the opportunities for Australia to overcome the innovation challenges and realise greater value from innovation investments.

Major challenges and opportunities

Translating science and technology into impact requires skilful navigation of the innovation cycle. The following challenges and opportunities at the research-industry nexus are discussed in the report.

  • Business investment
  • Commercialising R&D
  • Skills, knowledge and capabilities
  • Adoption and diffusion
  • Social and environmental impacts

This report outlines the opportunities to improve our innovation performance and realise greater value from innovation.

An innovation-driven future

Pursuing purposeful and solutions focused innovation, driving sectoral and international collaboration, and fostering a ‘growth through innovation’ culture will help Australia on its path towards economic recovery and future resilience.

Although this report focuses on opportunities for businesses and industry, this shift requires a coordinated effort involving both the public and private sectors. The report aims to inspire a collective and coordinated response to lead Australia towards an ambitious but achievable innovation-driven future.

Download the report

Read the report to understand why investment in science and technology is so important and how to maximise the innovation-led path towards a brighter future for Australia.

This report is part of a CSIRO Futures series of reports looking at how organisations can create economic value from innovation. Keep abreast of the latest strategic and economic insights from CSIRO.

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