Government announces 'Global Innovation Strategy'

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The Turnbull government has released its new Global Innovation Strategy.

According to Minister for Industry, Innovation and Science, Greg Hunt, the strategy is the key international measure of the National Innovation and Science Agenda (NISA).

Prime Minister Malcolm Turnbull announced the NISA late last year, headlined by tax breaks for investors and the $500 million Biomedical Translation Fund.

The new strategy includes $36 million over four-years for a number of new initiatives.

The initiatives include $16.5 million to support groups of industry and research organisations, with grants of up to $1 million over a maximum of four years, to engage with international partners on R&D projects.

There is also $11.2 million to provide market-ready startups with a short-term (90 day) operational base in one of five global innovation hotspots - San Francisco, Berlin, Shanghai, Tel Aviv and Singapore.

The strategy was jointly announced by Mr Turnbull, Mr Hunt, foreign affairs minister Julie Bishop and trade minister Steve Ciobo.

The ministers describe the new strategy as a 'whole-of-government approach' that is significantly focussed on promoting international collaboration.

"The Global Innovation Strategy will improve Australia's international innovation and science collaboration by aligning existing and new initiatives with the desired outcomes under the National Innovation and Science Agenda. The strategy addresses known vulnerabilities and challenges through international collaboration and startup support and shifts engagement towards multi-partner collaborative projects," it says.

It is designed to: encourage other countries to partner with Australia; draw together existing resources and programmes; access opportunities through international collaboration and startup support; and, shift engagement to scalable, more effective multi-partner collaborative projects.