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Around the World: Australia and Ireland Invest in Innovation
As the world's economies rebound, governments are investing heavily in innovation and research infrastructure. Australia and Ireland, for example, will fund significant investment in national innovation strategies. Australia will commit $1.1 billion to develop national clusters in targeted sectors, and Ireland will attempt to become the "innovation hub" of Europe.
Australia
Under the Super Science Initiative, Australia's government will provide approximately $1.1 billion for three targeted research areas:
- Space and astronomy
- Marine and climate science
- Future industries (e.g., nanotech and biotech).
These investments will fund collaborative agreements between universities, government agencies, independent research institutes and business. Of the $1.1 billion, $901 million will be invested into research infrastructure. The Super Science Imitative also will fund 100 "Super Science Fellowships" across the three targeted research areas. Infrastructure projects were identified in the Strategic Roadmap for Australian Research Infrastructure in September 2008.
Read more about the Super Science Initiative.
Australia's coalition government also approved an additional $255 million in new funding for science and innovation research. Among the initiatives funded, the newly formed International Science Initiative will receive $21 million. Read more at: http://www.abc.net.au/science/articles/2010/08/19/2987838.htm
Ireland
In hopes of becoming the "innovation hub" of Europe, Ireland launched a €500 million (~ $632.25 million) innovation fund. The fund is a key pillar of the government's Smart Economy Framework that was published in 2008. However, the fund was delayed due to the recession. Starting in September, Ireland will invest €250 million (~$316.12 million) over the next five years. TAOISEACH Brian Cowen, Ireland's head of government, indicated the remaining €250 million (~$316.12 million) would come from private sector investments. The innovation fund will attempt to address the lack of venture capital that has limited Ireland's ability to innovate, according to Cowen. Cowen believes that the fund will help Ireland to replicate the venture culture of US. Read more at: http://www.irishtimes.com/newspaper/frontpage/2010/0712/1224274518421.html