Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697635060833.pdf (Australia)
Inquiry into innovation and creativity: workforce for the new economySubmission 42 Inquiry into innovation and creativity: workforce for the new economySubmission 42 Introduction Ensuring that Australia has a flexible economy with globally competitive industries will require a highly skilled and capable workforce.

Creativity, innovation and entrepreneurship are the foundation of a resilient and dynamic economy.
Along with formal training in new and innovative fields, the jobs of the future will require adaptability, problem solving skills and emotional intelligence.1 Encouraging and maintaining these essential labour force skills therefore remains a key policy challenge.
This submission makes use of evidence-based research from the Department of Industry, Innovation and Science as well as other sources to address the terms of reference for the inquiry into ‘Innovation and creativity: workforce for the new economy’.
The submission provides commentary on the following terms of reference:  Terms of reference 1 – The extent to which students are graduating with the skills needed for the jobs of today and tomorrow  Terms of reference 3 – Factors that discourage closer partnerships between industry and the research and education sector  Terms of reference 4 – Relationships between tertiary education entrepreneurship programmes and private incubators and accelerators Terms of reference 1 — Are students graduating with the skills needed for the jobs of today and of the future?
Continual structural change influences the composition and skill characteristics of the labour force.

While structural change can create short-term challenges, structural change is necessary for continued growth and prosperity in the long run.

Ensuring that it occurs efficiently is important so that Australia can adapt to new opportunities and compete on the world stage.

STEM skills will play a crucial role in maintaining the competitiveness of Australian industries.
Domestic participation in STEM fields, however, will need to increase.

Structural change continues to shape Australia’s economy and the labour market As discussed in detail in the Australian Industry Report 20142, structural change has been fundamental to economic development and has exerted a strong influence on the composition and characteristics of the Australian labour force.
Labour intensive industries such as agriculture and manufacturing have shed jobs and recorded declines in terms of their relative shares of employment.

However, as shown in Chart 1, these job losses have been offset by job creation in service sectors such as health care, professional services and education.
Economic modelling from Deloitte Access Economics suggests that sectors that rely on specialised skills such as education & training, health care & social assistance, and professional, scientific & technical services will record the strongest employment growth in the Australian labour market over the next 10 years.3 1 Edmonds D and Bradley T (2015) Mechanical Boon: will automation advance Australia?
Canberra, Department of Industry, Innovation and Science 2 Department of Industry, Innovation and Science (2014) Australian Industry Report, Canberra, Department of Industry, Innovation and Science 3 Deloitte Access Economics (2012) Economic modelling of skills demand and supply, Canberra, Australia, Report commissioned by the Australian Workforce and Productivity Agency (AWPA) 2 Inquiry into innovation and creativity: workforce for the new economySubmission 42 Inquiry into innovation and creativity: workforce for the new economySubmission 42 employment in Australia.
Further evidence of skilled-biased technical change comes from the reduced demand for motor skills5 relative to interactive, cognitive and education skills in the Australian labour market.6 STEM skills and innovation are critical to improving competitiveness A greater capacity for research and development (R&D) as well as innovation can improve Australia’s competitiveness and foster job creation.
Achieving this will require highly specialised human capital: ensuring that Australia has a sustainable supply of graduate labour is a critical element.
Research skills — especially in science, technology, engineering and mathematics (STEM) — are particularly important for innovation and new-to-world innovators.7 Total full-time equivalent human resources devoted to R&D in Australia in 2011–12 were estimated to be 139,000 persons.8 The majority of these were researchers, with the remainder being technicians or other dedicated support staff.
The number of human resources devoted to R&D in Australia has risen over time, increasing by 63 per cent between 2001-02 and 2011-12.9 As the pace of social and technological change increases, demand will grow for creative researchers who can push the boundaries of knowledge, and assess and adapt new technologies and emerging ideas.

In this context, recent workforce statistics for Australia are positive.
They highlight that employment levels and occupations increased at a faster rate for post-secondary education skills than for other skills within the labour force.

The annual average growth rate over the five years to 2014–15 was 2.3 per cent compared with 1.5 per cent for other occupations.10 There is also a strong indication that employer’s perception of the contribution of STEM is positive.
In 2014, 82 per cent of respondents to a Deloitte Access Economics employer survey agreed that people with STEM skills were valuable to the workplace.

The entire pipeline of STEM skills — from pre-school through to the workplace — is crucial for addressing STEM skills demand.
The former Chief Scientist of Australia argues for this whole-of- pipeline approach in his report, Science, Technology, Engineering and Mathematics: Australia's Future.11 Similarly, the transferability of skillsets will enhance employability and occupational mobility across industries, a policy implication is the need to increase STEM participation in all industries so that the diffusion of innovation and skills can flow to more sectors of the economy.
While STEM skills are important, they are not the whole story In addition to STEM skills, research by CSIRO and the Department of Industry, Innovation and Science12 notes that Australian employers are also interested in the ‘soft skills’ of potential employees, such as personal, interpersonal and organisational skills.

These skills allow employees to 5 Motor skills refer to precise tasks and movements.

For example, putting a lid on a jar or tightening a screw.
Improvements in technology allow for an increasing number of motor skills to be automated 6 Kelly R and Lewis P (2010) The change in labour skills in Australia over the business cycle, Australian Bulletin of Labour, 36(3), p 260 7 See for example, Hajkowicz S, Cook H and Littleboy A (2012) Our future world: global megatrends that will change the way we live.
The 2012 revision, CSIRO, Australia, and Deloitte Access Economics (2014) Australia's STEM workforce: a survey of employers, Canberra, Australia, Report commissioned by the Office of the Chief Scientist 8 ABS cat.no 8111, Research and Experimental Development, Higher Education Organisations, Australia, 2012, and ABS cat.no 8104 Research and Experimental Development, Businesses, Australia, 2013-14 9 ibid 10 Australian Bureau of Statistics (2015) Labour force, detailed quarterly, Aug, 2015, Commonwealth of Australia, Canberra, Australia 11 Office of the Chief Scientist (2014) Science, technology, engineering and mathematics: Australia's future, Canberra, Australia, Australian government.
Office of the Chief Scientist 12 Edmonds D and Bradley T (2015) Mechanical Boon: will automation advance Australia?

Canberra, Department of Industry, Innovation and Science 4 Inquiry into innovation and creativity: workforce for the new economySubmission 42 translate and apply their formal training in a wide variety of contexts.
Such skills will be critical for the future workforce in terms of career and life success.13 An employer survey conducted for the Office of the Chief Scientist (OCS) in 2014 clearly highlighted that for STEM employers, the key difficulties encountered when recruiting graduates related to deficiencies in interpersonal skills, understanding of business and workplace experience.
Along with formal training, active learning and critical thinking were identified in this survey as the two most important attributes a graduate should be equipped with when entering the workplace.

Approaches that are often grouped under the heading of ‘Work Integrated Learning’ or ‘WIL’ are increasingly recognised as important tools in developing high quality and work ready graduates.
WIL is important for developing and maintaining graduate attributes that appeal to employers and equip graduates with workforce skills.

These activities also help engage students while at university.

Difficulty in attracting enough employers to participate in WIL activities has been recognised as a significant impediment to expanding WIL in Australia.
Under-resourcing of WIL, in particular funding of support staff, is also a hurdle to expansion.14 The supply and demand for graduate skills in the Australian labour market The skill level of the average Australian worker has trended upward since the 1970s.
From 1993 to 2013, the proportion of labour force participants that held a university (higher education) qualification more than doubled from 12 per cent to 28 per cent.15 Australian firms have been able to capitalise on an increasingly skilled workforce and demand for skills has been reflected in higher wages for skilled occupations.16 Since the Global Financial Crisis, labour market outcomes have been less favourable due to aftershocks and moderating demand for Australian commodities.
However, Australian graduates continue to enjoy healthy earnings premiums relative to labour market participants with just vocational or year 12 qualifications.17 The increasing use of skilled labour is illustrated by Table 1, which provides a recent snapshot of the skills level requirements for the top 10 Australian occupations in 2015.
Occupations that rely on at least an undergraduate qualification (skill level 1) and/or diploma qualifications (skill level 2) account for 63 per cent of the top 10 employing occupations.

The remaining occupations, such as Sales Assistants and Salespersons, which are associated with a lower ANZSCO skill level, are more vulnerable to structural change and automation.

Providing guidance and training to low to medium skilled labour participants will be important to bridge potential skills gaps.
In terms of the supply of graduate labour, Chart 2 illustrates that the number of domestic and overseas student higher degree completions in Australia have trended upwards since 2001.

Over the period 2001 to 2014, domestic higher education completions increased by 49 per cent whereas completions by overseas (international) students increased by 152 per cent.
The increasing supply of graduates over the last 14 years would suggest that young individuals have responded well to structural change and price signals (higher wages for graduates) and that the Australian economy is well positioned to meet the complex skills needs of the future.

However, this chart does not tell the whole story.

13 Hajkowicz S, Reeson A, Rudd L, et al.


(2016) Tommorow's digitally enabled workforce, Brisbane, Australia, Commonwealth Scientific and Industrial Research Organisation (CSIRO) 14 Edwards D, Perkins K, Pearce J and Hong J (2015) Work Integrated Learning in STEM in Australian Universities, Final Report.
Australian Council for Educational Research (ACER), Submitted to the Office of the Chief Scientist 15 Wilkins R and Wooden M (2014) Two decades of change: the Australian labour market, 1993–2013, Australian Economic Review, 47(4), pp 417-431 16 Economic theory argues that the wage paid to an employee should be just equal to the marginal revenue product of that unit of labour.

Essentially an employee who receives a higher wage is expected to be more productive.
17 See for example, Daly A, Lewis P, Corliss M, et al.
(2015) The private rate of return to a university degree in Australia, Australian Journal of Education, 59(1), pp 97-112 and, Corliss M, Lewis P and Daly A (2013) The rate of return to higher education over the business cycle, Australian Journal of Labour Economics, 16(2), p 219 5 Inquiry into innovation and creativity: workforce for the new economySubmission 42 Inquiry into innovation and creativity: workforce for the new economySubmission 42 Inquiry into innovation and creativity: workforce for the new economySubmission 42 Inquiry into innovation and creativity: workforce for the new economySubmission 42 Gender imbalance in STEM fields The participation of girls in at least one mathematics, and one science subject after year 10 has been in decline since 2001.21 The proportion of girls who elect to study no mathematics after year 10 has tripled from 7.5 per cent in 2001 to 21.5 per cent in 2011.
The corresponding proportion of boys also tripled, but from a much lower base level, from 3.1 per cent to 9.8 per cent.

Physical science, maths and engineering have a pipeline problem.
Fewer girls are choosing physics and high level maths in their final years at high school and the number of girls who study two sciences in their final years of school (a strong indicator of transition to studying post-school STEM courses) has dropped significantly.22 The issue of gender equity in STEM is as much an economic issue as it is an equity issue: the loss of scientifically trained women from the STEM workforce represents a poor return on public investment in STEM education, limits their opportunities to contribute to the national research effort and reduces women’s ability to participate in or form businesses – all of which have a significant impact on productivity.
The Australian Government has introduced a number of NISA initiatives as a response to this gender imbalance.

Measures include supporting the expansion of the Science in Australia Gender Equity Pilot and partnership with the private sector to celebrate female STEM role models to foster interest in STEM amongst girls and women.23 Terms of reference 3 — What are the factors that discourage closer partnerships between industry and researchers?
Improving rates of collaboration between Australian businesses and research organisations will be critical to supporting the innovation agenda.

Government incentives and programmes, increasing the participation of Australian researchers in the private sector, and investing in management capabilities are examples of policies identified in this section that can assist in increasing the rates of collaboration and partnership between industry and researchers.
The role of government in supporting innovation related activities While research conducted by businesses provides private economic benefits to these businesses, there are often positive public spill-overs or benefits created by research.
These positive public spill- overs imply that the social benefits from R&D are larger than the private benefits.24 However, as these public spill-overs are not explicitly accounted for in business decision making, businesses may not engage in the optimal level of R&D from a social/economic perspective.

Similarly, due to the positive externalities arising from research and innovation, a lack of collaboration between industries, education institutions and the research sector is indicative of market failure.
From the perspective of small to medium enterprises (SMEs), this market failure can arise due to information asymmetry issues, high transaction costs or a lack of private incentives.

Policy initiatives that address this market failure are important.

Collaborative innovation is significantly correlated with the introduction of new-to-Australia and world-first innovations.25 In this regard, Australia’s recent performance has improved.
The percentage of innovation-active Australian SMEs 21 Mack, J and Walsh, B (2013) Mathematics and Science Combinations NSW HSC 2001–2011 by Gender , University of Sydney, http://www.maths.usyd.edu.au/u/SMS/MWW2013.pdf 22 Marginson, S, Tytler, R, Freeman, B, and Roberts, K (2013) STEM: Country Comparisons, Australian Council of Learned Academies (ACOLA), Melbourne, pp.
127–136, http://www.acola.org.au/PDF/SAF02Consultants/SAF02 STEM %20FINAL.pdf 23 Commonwealth (2015) National innovation and science agenda.
Welcome to the ideas boom, Canberra, Australia, Commonwealth of Australia 24 This is an example of a positive externality 25 Department of Industry (2013) Australian Innovation System Report, Canberra, Australia, Department of Industry 9 Inquiry into innovation and creativity: workforce for the new economySubmission 42 Inquiry into innovation and creativity: workforce for the new economySubmission 42 Australian Research Council and the Innovation Connections initiative are a response to reducing this research stratification.28 Chart 6: Researchers by sector of employment, 2011 Source: OECD, Research and Development Statistics Database www.oecd.org/sti/rds June 2013 Business investment in innovation is inherently risky and this risk needs to be managed to encourage commercialisation Increasing the complexity and stock of human capital, and encouraging collaboration is likely to have a positive impact on the rates of innovation and entrepreneurship; however this by itself may not be enough.
Innovation is inherently risky, especially for entrepreneurs and small to medium firms.

Besides considerable financial outlays, due to the nature of innovation, introduction of new products, ideas, and business models is fraught with risk as there may be no precedent.

New products may not survive in a competitive market; they may be misappropriated or copied.

This suggests that many other variables beyond raw talent are critical in translating an innovative idea into a successful commercial product.
Examples of these risks range from but are not limited to  Legal risks (Intellectual property theft, patent disputes)  Regulatory risks (product certification hurdles, labelling requirements)  Financial risks (strict tax regimes, insolvency and bankruptcy)  Social and cultural risks (change in consumer preferences, privacy concerns)  Technological risk (threat of obsolesce, cyber security risks) 28 Commonwealth (2015) National innovation and science agenda.
Welcome to the ideas boom, Canberra, Australia, Commonwealth of Australia 11 Inquiry into innovation and creativity: workforce for the new economySubmission 42 These risks need to be managed and mitigated so that innovators and entrepreneurs are motivated to introduce new technologies, ideas and products to the market.
As part of the NISA, the Australian Government is providing tax breaks and tax offsets for early stage investors and venture capitalists in innovative startups, removing regulatory hurdles to accessing crowd sourced equity financing, along with reforms to insolvency and bankruptcy laws.
To share the financial risk associated with startups, NISA establishes a new $200 million CSIRO Innovation Fund that will co-invest in new and existing startup companies that intend to develop technology from CSIRO and other publicly funded research agencies.29 These NISA measures will be important for creating a culture of innovation in Australia that does not excessively penalise an entrepreneur for failure.
Management capability Management capability is also important for lifting workplace productivity, encouraging innovation and collaboration and grooming young talent.

The new economy places greater demands on managers to adapt to and take advantage of changing business environments.

The literature on management capability for Australia is limited.

The Australian Institute of Management produced the Australian Management Capability Index (AMCI) in 2012, though a follow- up is not yet available.
According to the research, the overall AMCI for Australia is 71.1 out of 100.30 These findings indicate that Australian organisations have a sound governance and financial base.

This provides a solid platform to foster innovation, improve capability, and encourage a greater global focus.

Similar methodologies were used to look at management capability in other countries.

Australia’s score is similar to New Zealand (69.9), Malaysia (72.0), India (74.6) and Singapore (69.2).
To further the analysis of the importance of management capability, the department is investing $3 million in a joint project with the ABS and the University of Technology Sydney (UTS) to identify the state of management capability in Australia.

Current Government initiatives aim to encourage collaboration The Australian Government has a range of policy measures that are designed to foster and encourage collaboration between researchers, academia and industry.
While not an exhaustive list, Table 2 provides a brief overview of these measures.

29 Commonwealth (2015) National innovation and science agenda.
Welcome to the ideas boom, Canberra, Australia, Commonwealth of Australia 30 Higher values of the index denote better performance 12 Inquiry into innovation and creativity: workforce for the new economySubmission 42 Inquiry into innovation and creativity: workforce for the new economySubmission 42 Terms of reference 4 — What is the relationship between incubators, accelerators and entrepreneurship programmes?
Connecting university entrepreneurship programs to the local startup ecosystem is essential to: (i) ensure the program is delivering guidance to students that aligns with practices in the real world, and (ii) that the students gain some familiarity with the startup ecosystem which they will have to navigate if they decide to pursue their own startup.31 An example of this is the Melbourne Accelerator Program (MAP) at the University of Melbourne, which has a strong emphasis on engaging local and interstate entrepreneurs to mentor students.
MAP supports six student teams per intake to support via provision of $20,000 in funding, office space, mentoring and networking opportunities and is open to students, staff and alumni from all faculties.

A total of 24 student startups have been supported by MAP, which together have raised $10 million in funding, created 120 jobs and generated $5 million in revenue.

However MAP is the exception rather than the norm and in general entrepreneurship training in Australia requires further improvement.
The Australian Government also aims to support Australian entrepreneurs via NISA measures such as the $36 million Global Innovation Strategy which will create ‘launch pads’ in 5 innovation hotspots such as San Francisco and Tel Aviv, to provide entrepreneurial Australians access to talent, mentors and investors.
As part of the Incubator Support Programme, NISA will also assist the creation of incubators and accelerators in regions with high innovation potential.32 Entrepreneurship training in Australia requires improvement There is evidence that exposing young people to entrepreneurship, and equipping them with practical skills, not just plants the idea of becoming an entrepreneur, but also results in tangible increases in the level of high-impact entrepreneurship, and associated economic impacts.33 A growing number of countries are producing high-impact entrepreneurs by exposing them to start-ups during university and teaching practical skills needed to grow technology-based businesses.
Countries that emphasise high-impact entrepreneurship have common attributes:  Government ensures that funding arrangements with universities drive investment in establishing and delivering student entrepreneurship programmes that operate at meaningful scale and in line with best practice  A wide range of complementary programmes that address multiple aspects of the entrepreneurial ecosystem, including education, access to finance, culture, technical skills and startup expertise  An aim to engage young people in high-impact entrepreneurship via school and university- based programmes The ecosystems whose entrepreneurs are most successful are also the ones in which entrepreneurial training is readily available — either as formal training or via peer-based learning.34 Compared with universities in the best-performing entrepreneurial countries, Australian universities generally do not see producing entrepreneurs as a major part of their role.
As a result, they generally do not invest in 31 Sp ke Innovation (2015) Boosting High-Impact Entrepreneurship in Australia: A role for universities.

Report prepared for the Office of the Chief Scientist, Canberra, Office of the Chief Scientis 32 Commonwealth (2015) National innovation and science agenda.

Welcome to the ideas boom, Canberra, Australia, Commonwealth of Australia 33 Ho Y-P, Low P-C and Wong P-K (2014) Do University Entrepreneurship Programs Influence Students’ Entrepreneurial Behavior?
An Empirical Analysis of University Students in Singapore, Innovative Pathways for University Entrepreneurship in the 21st Century (Advances in the Study of Entrepreneurship, Innovation & Economic Growth, 24, pp 65-87 34 Lackéus M (2015) Entrepreneurship In Education: What Why When How, Organisation for Economic Cooperation and Development, http://www.oecd.org/cfe/leed/BGP Entrepreneurship-in-Education.pdf 14 Inquiry into innovation and creativity: workforce for the new economySubmission 42 curriculum to create and nurture high-impact entrepreneurs to the same degree as some of the global leaders.
35 In addition, the quality of student entrepreneurship courses depends heavily on the experience of those teaching the course.

Involving educators who have first-hand experience in startups has been shown to deliver better outcomes than courses delivered by those with only academic experience.
A review of university entrepreneurship education programs conducted in 2014 by Professor Tim Mazzarol of the University of Western Australia found that 90 per cent of Australian universities teach entrepreneurship courses at postgraduate and 95 per cent at undergraduate level, and that these are mainly delivered by academic staff in business schools.
It also found that these courses tend to focus on small businesses rather than high-impact entrepreneurship, and often use existing companies as case studies rather than providing students with experiential learning opportunities such as creating their own venture or taking on an internship.36 A strong connection between university attendance and startup activity is already evident in Australia, albeit with a gap between graduation and first business creation.
In 2014, 430 current Australian startup founders were surveyed for Startup Muster, the largest survey of the Australian startup community.

The survey found that 84 per cent of Australian startup founders have been to university, and the average age of startup founders is 36.

Significant opportunities exist in the tech startup sector In 2012, there were just 1,500 tech startups in Australia with key hubs in Sydney and Melbourne.
More than 3 out of 4 tech startups are targeting the Information Media and Telecommunications sector, but significant opportunities exist throughout the Australian economy.37 Based on the qualifications of current Australian tech startup founders, there appears to be two types of skills that are important for founding a tech startup — computer science and business skills.

For example, tech startups need software engineers to get their ideas off the ground.
Additionally, feedback from incubator programs in Singapore indicates the most successful startups in those programs have a mix of engineering, design and business development / customer acquisition skills.

Increasing the pool of potential entrepreneurs and building digital literacy skills through education is a slow process so a greater focus on attracting the existing workforce is needed.
In the short term, the focus should be on getting the existing workforce interested in entrepreneurship and building digital literacy skills.

In the longer term, encouraging more young Australians to study computer science entrepreneurship, and acquiring acumen for business in an increasing digital world will be critical.

Incubators and accelerators are therefore crucial for entrepreneurship.

Early stages of commercialisation are critical and this is where these vehicles can provide the most support.
Facilitating this support with the help of educational institutions has the potential for high impact.

This can also lead to faster rates of technological diffusion throughout the economy, which assists structural change.

35 Sp ke Innovation (2015) Boosting High-Impact Entrepreneurship in Australia: A role for universities.
Report prepared for the Office of the Chief Scientist, Canberra, Office of the Chief Scientist 36 Mazzarol T (2014) How Do Australia's Universities Engage with Entrepreneurship and Small Business?, Centre for Entrepreneurial Management and Innovation (CEMI) Discussion Paper, (1401) 37 Ibid.
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