The Government of Queensland launched the new $142 million Advance Queensland – Innovation for a Future Economy 2022-2032 roadmap on 25 July 2022. The new roadmap builds on the success of the existing Advance Queensland innovation agenda, setting out the region’s innovation priorities to drive good jobs in the lead-up to the 2032 Olympic and Paralympic Games in Brisbane.
The Queensland Premier announced the roadmap at a special Cabinet meeting at The Precinct in Fortitude Valley – the region’s leading Advance Queensland innovation start-up hub. He said that when work began on the Advance Queensland journey in 2015, the aim was to drive innovation, entrepreneurship and jobs to engage in the emerging global future economy. That includes things like the internet of things, artificial intelligence, robotics and biotechnology – that, in effect, produce a range of new and interconnected industries, including circular, renewable energy, personalised health, biofutures and digital economies.
Since then, AU$ 755 million has been invested and, in turn, leveraging AU$ 988 million from industry partners and supporting more than 27,000 jobs in the state, of which over 11,400 are in the regions. Innovation and entrepreneurship are crucial as economies are fundamentally being transformed by major technological shifts – from AI to biotechnology.
The government aims to continue to innovate and grow and to capitalise on the success of Advance Queensland initiatives to accelerate economic growth opportunities for Queensland in the lead-up to Brisbane 2032.
The AU$ 142.2 million in funding includes:
- AU$ 100 million over 3 years for new and existing programs under Advance Queensland.
- AU$ 15 million for the Queensland Innovation Precincts and Places Strategy and Action Plan
- AU$ 10.2 million for the Innovation Action Plan and Office of the Chief Entrepreneur, and
- AU$ 17 million for the Department of Environment and Science to support priority industry-science centres of excellence and partnerships and accelerate university commercialisation.
Advance Queensland initiative is designed to harness the innovation of Queenslanders to grow jobs and exports as the Beattie Government’s Smart State has with biotechnology research and infrastructure.
The Queensland Innovation Minister stated that Advance Queensland’s investment in entrepreneurship was important for building a legacy from the 2032 Games. He noted that one of the region’s golden legacy opportunities from 2032 is developing a world-leading sports technology economy that creates jobs, investment and global trade. Building the Silicon Valley of sports innovation in Queensland involves supporting innovation in wearable tech, smart stadiums, sports data analytics and new technology for connecting with fans few have imagined.
The 10-year Advance Queensland innovation roadmap empowers innovation precincts to be the engine rooms of the collaboration and research we need to bring sport-changing technology to life. Queensland sport technology innovators like VALD and their world sport and health export clients are already demonstrating what’s possible. Sport-tech is predicted to double in size and value to around AU$ 60 billion globally within four years and be a world enterprise Queensland is capable of leading.
Queensland’s Chief Entrepreneur noted the 2032 Olympic and Paralympic Games provide an amazing opportunity to focus our innovation efforts to maximise the economic opportunities for Queensland. In addition, people grew more comfortable working remotely, doing business and accessing services online as a result of the pandemic.
The 2032 Olympic Games provide Queensland with the opportunity to develop innovative products and services right across the state – to become the state renowned for creating leading-edge technologies.
Wearable tech, virtual and augmented reality, sports data analytics, digital signage, smart stadiums, smart automated and electric transportation, and live-streaming are behind the evolution of sports and its method of engaging fans.
