Australian Government launches National Innovation and Science Agenda On 7 December 2015 the Australian Government launched its National Innovation and Science Agenda ("NISA"). The Government will invest $1.1 billion over the next four years in various initiatives to grow Australian business, create local jobs and foster global collaboration. As part of the NISA the Government has identified four key areas where it will introduce policy to foster a "culture change" in the Australian business community and encourage riskier, more entrepreneurial behaviour: Culture and capital: Measures will be introduced to bridge the funding gap currently faced by innovative start ups. This includes tax breaks for early stage investors, reforming insolvency laws to allow for entrepreneurial failure and a promise to support idea incubators. In addition, a new $200 million CSIRO Innovation Fund and a $250 million coinvested Biomedical Translation Fund will be established to co-invest in new and existing start-ups and to increase the capital available for commercialising medical research. Collaboration: The Government has promised to develop new arrangements and research connection programs between public and private organisations. More funding and grant opportunities will also be introduced to encourage collaboration between universities, businesses and industry researchers within Australia and throughout the world. Talent and skills: The Government is proposing to introduce initiatives to encourage Australian students to develop their Science, Technology, Engineering and Mathematics (STEM) skills. In particular, the Government has placed an emphasis on expanding the opportunities for women in STEM by developing programs and networks that promote gender equality and introducing an "Entrepreneurs Visa". Government as an exemplar: A new statutory board, Innovation and Science Australia, will be established to review and develop policies that deal with innovation and science. The Government has also proposed to pilot a new approach to government procurement via the Business Research and Innovation Initiative to encourage small to medium enterprises to participate in government procurement. NISA "roadshows" are taking place in numerous regional and capital cities throughout December 2015. These will inform key stakeholders on the detail of the measures in the agenda. For more information, please contact Anne-Marie Allgrove, Toby Patten, Matthew Dempsey or Emma Burn.