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 | 2009 Deloitte STI Initiative ReportThe 2009 Deloitte Report Report assesses the impact of the Victorian Government's flagship Science, Technology and Innovation (STI) Initiative. |
The Innovation and Technology division aims to stimulate Victoria's innovation skills, knowledge and capabilities as a foundation for our future economic, environmental and social prosperity.
Worldwide, innovation is recognised as the single most important ingredient in a successful modern economy. At its broadest, innovation means finding new or better ways to do things, creating new products or services, applying new technologies to solve existing problems, or using existing products and technologies to meet new needs.
Innovation delivers benefits in the form of new products and production processes and better quality goods and services. It also benefits the wider community through advances in vital community services such as healthcare, education, communications and transport.
The Victorian Government is committed to further develop and grow the science, technology and innovation base and to take the State forward as a dynamic and innovative economy.
By further strengthening Victoria’s innovation capabilities, a robust science and technology base will be built to meet the challenges of climate change, our ageing population, market globalisation and intensifying international competition.
The Victorian Government has made significant investments in Victoria’s science, technology and innovation base, including new scientific and communications infrastructure, centres of research excellence, programs to assist business to become more innovative and projects to maintain and build a skilled and creative labour force.
The centrepiece of this investment has been the $638 million STI Initiative managed by the Innovation and Technology division. The STI Initiative supported leading edge biomedical, environmental, agricultural, manufacturing, design, and information and communication technologies (ICT) projects across metropolitan and provincial Victoria.
The grants and other investments under this Initiative have positioned Victoria as a leader in science and technology, with world class infrastructure and quality people providing the capabilities to develop new solutions and to tackle future challenges.
The 2009 impact assessment of the STI Initiative has shown that this investment has already delivered substantial net benefits to the Victorian innovation sector and the wider community:
The study of economic impact of the initiative on Victoria for the period 2000–2014 shows:
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