The NSW government has signed an historic five-year Innovation Partnership Memorandum of Understanding (MoU) with the University of Sydney, to help streamline collaboration opportunities, attract investment and strengthen the state’s recovery from COVID-19.
Developed by Investment NSW, the Innovation Partnership MoU is a universal engagement approach that all NSW public universities will have the opportunity to enter into.
Minister for Jobs, Investment, Tourism and Western Sydney Stuart Ayres said the MoU will provide an overarching framework between universities and the government to identify opportunities to collaborate on commercialising research, creating new jobs and developing world-leading precincts.
“Since we established Investment NSW, one of the key activities for the new agency has been to strengthen university collaboration to bolster research and development and drive a strong talent pipeline in NSW,” Minister Ayres said.
“We know the teaching and research undertaken in our universities is a major source of innovation that boosts the liveability, productivity and sustainability of communities across NSW, which is why we want to work closely with universities on opportunities relevant to their world-class expertise and capabilities.”
The University of Sydney is internationally recognised for its excellence in research and teaching. The University educates over 70,000 students, and contributes over 5 billion dollars and 30,000 jobs to the NSW economy annually.
Through the partnership, the University will continue to actively pursue projects in each of the Greater Sydney’s Metropolis of Three Cities, making it unique among other NSW universities. This includes developing a mixed-use multi-disciplinary campus in Cumberland as part of one of the largest health, education, research and training precincts in Australia.
University of Sydney Vice-Chancellor and Principal Professor Mark Scott said he was pleased to join Minister Ayres in signing the agreement.
“This is an exciting opportunity for all of us. When governments and universities work together our combined expertise and resources have a magnifying effect for the whole state,” Professor Scott said.
“Research and past experience show that when we partner with government, we often produce the best results whether that’s tackling major issues such as health, economic development or the future of our cities or by providing new opportunities for our young people and future leaders to reach their full potential.
“Universities, like Sydney, are uniquely placed to help decision makers develop and implement innovative strategies by engaging our regional partners and by providing research and academic support. Partnering with government allows our students and researchers the opportunity to put their expertise to the test on real world problems. It’s a win, win and I look forward to working more closely with the NSW government as we develop this Partnership."
Minister Ayres said he was excited to be signing the first of these agreements with the University of Sydney and looks forward to developing Innovation Partnerships with NSW’s other universities soon.
“Innovation Partnerships with NSW universities will immediately help the state to recover from the effects of COVID-19 by collaborating on opportunities to accelerate priority industries, attract investment into NSW and generate economic resilience.”
This historic partnership directly builds upon and supports the direction and objectives set out in the NSW Government’s 2040 Economic Blueprint, COVID-19 Recovery Plan and Global NSW Strategy.