A recent report on the economic impact of the Canberra Innovation Network (CBRIN), prepared by PwC Australia, has shown a significant level of innovation in the ACT.
The advantages of a highly educated population, concentration of education and research institutions, and the foundational support of the ACT Government has helped to create an innovation ecosystem that is one of the densest in Australia.
A key part of that ecosystem is CBRIN, which supports and connects a variety of stakeholders to develop innovation and entrepreneurial capacity in the ACT.
CBRIN supports entrepreneurs and small-and-medium-size businesses which also create new jobs.
The report showed the economic impact of CBRIN is estimated at $100 million in 2021, and that there are 400 innovation jobs in the ACT economy at the end of 2021 that would not exist without the support of CBRIN.
The report also showed the investment in CBRIN by the ACT Government returned more than 50 times each dollar of base funding to the ACT economy in 2021.
Speaking at the Canberra Innovation Network’s annual showcase on Wednesday, 1 December, where the report was presented, ACT Chief Minister Andrew Barr said, “We know Canberra is a great environment for innovation. The ACT Government’s investment in CBRIN and the innovation ecosystem is delivering tangible economic results for Canberra.
“The 400 new jobs that were supported by CBRIN is a testament to the strength and diversity of the ACT economy and the great work CBRIN does as the linchpin of our innovation ecosystem.”
The majority of ACT businesses responding in the PwC Australia survey reported tangible commercial impacts from their engagement with CBRIN. More than 90 per cent of respondents claim both increased capacity and ability, as well as improved commercial outcomes.
Also, 81 per cent of surveyed businesses reported a significant increase in their connectedness with the innovation ecosystem through their engagement with CBRIN.
According to the report, 400 innovation jobs would not exist in the ACT in 2021 if not for CBRIN’s support.
When both direct and indirect impacts of CBRIN support are taken into account, this corresponds to more than 700 jobs and $100 million added to the ACT’s Gross State Product (GSP) in 2021.
“The quantum of benefits is significant compared to the funding CBRIN receives,” said the report.
“In 2021, CBRIN directly supported more than $50 in GSP for every dollar of ACT Government base funding received. This is more than $80 of GSP per dollar of ACT Government cash funding when indirect impacts are included.
“After seven years of operation, it is clear that investment in CBRIN contributes multiple times over to the ACT economy.”
Canberra Innovation Network CEO Petr Adamek said, “Innovations from Canberra are literally changing our world for the better. Consider MCI [Mineral Carbonation International] with the best startup pitch at COP26 in Glasgow for their innovative solution to store CO2 in construction materials; Instaclustr, which enables industries around the world to leverage open-source technologies better; Quantum Brilliance, which is building the world’s first room temperature quantum computer; and many others across a variety of disciplines.
“The role of CBRIN is to create an environment in which these entrepreneurs have the best chance to succeed, grow and create jobs of the future.”
To read the full report, visit Canberra Innovation Network.