Since the launch of the National Innovation and Science agenda entrepreneurs, startups and businesses Australia wide have been eagerly awaiting the government’s next move. Today the Turnbull Government announced they will be spending $28 million on a taxpayer-funded advertising campaign that will sell its innovation policies to the nation.
The innovation statement will be highly publicised to inform everyone of its agenda, with the hopes of attracting community engagement and inspiring young generations to drive forth prosperity and fuel the country’s ideas boom.
Together the Abbott and Turnbull government have spent $84.5 million on four major advertising campaigns. This latest pitch will work alongside the $1.1 billion innovation package and sell innovation as Australia’s future.
“Innovation is our future…it is a big cultural measure it’s something that we need to better at in Australia and right across the board,” said Turnbull.
Malcolm Turnbull’s innovation speech to the nation was his first big policy statement and left many entrepreneurs optimistic on Australia’s future as a startup nation. The Prime Minister’s speech ignited a cultural shift in the economy and unveiled the slogan ‘Welcome to the Ideas Boom.’
Minister for Industry, Innovation and Science Christopher Pyne, believes that the ad campaign will drive this ideas boom in Australia and will be supported by innovation. What we’ve been waiting for is a government to recognise Australia’s future in innovation on a global platform. Pyne acknowledges that our innovation culture needs to be better and replicate successful startup hubs around the world like Silicon Valley, Tel Aviv, Berlin, Singapore and South Korea.
“Australia needs to grasp new ideas in innovation and science, identify and capitalise on new opportunities and create new sources of growth to secure our nation’s future,” Pyne said.
“The agenda heralds a critical and exciting time for the Australian economy. Its measures support innovative businesses, boost private investment in research commercialisation, fund critical research infrastructure and STEM skills and increase access to capital for high potential startups.”
The agenda has been designed to raise awareness to Australia’s cultural shift and to strongly incentivise risk to promote the belief that those who fail and those who experiment benefit. Every change and challenge drives innovation forward.
Orima Research carried out by the Liberal Government shows that only 5 percent of Australians think the country is a global leader in innovation, which is a sad statistic when you look at how Australia competes on a global level. In a recent global Fintech 100 report, two Aussie startups made the top 50 established list, while seven made the top 50 emerging list. We have the creative and technical skills necessary to dominate not only Asia, but in the world.
This new ad campaign wants to target that 95 percent of Australians who don’t believe that our country has what it takes to be a leader in innovation. The campaign will target television, digital platforms, social media and print to engage everyone possible. Ads will also feature ‘on the ground’ to evoke community engagement and change our attitude towards innovation, technology and more importantly risk and failure.
Further research shows that 66 percent of Australians agree that we need to take more risks to drive innovation, with 77 percent of Australians believing that innovation is not just tied to the technology industry.
“The research shows businesses in general can identify more reasons to not innovate than to innovate. The campaign will encourage businesses to overcome this natural resistance,” says Pyne.
“This campaign, developed using the research, will be designed to help change the culture around innovation and science in our businesses and engage young people to help inspire our future entrepreneurs.”