Former Victorian Premier John Brumby believes that the approach by the Australian government in regards to funding #innovation in business needs to shift. Traditionally the government has only stepped in when an innovative business is facing "market failure", but funding in order to drive the industry is a step that hasn't been explored enough. Queensland and Victoria have really been the pioneers in this way of economic thinking. Both states have spent millions and even a billion dollars in supporting #biotechs in order to achieve long term commercial success. In Victoria one billion dollars has been allotted to developing the Comprehensive Cancer Centre. The money will go into building a centre that will house eight cancer institutions and laboratories for more than 700 researchers. Such a development would never have been possible if Brumby had not followed his vision to enrich the industry rather than only responding to market failings. Commercial success doesn't always follow innovation. Without intentional intervention and policy attention, many innovative companies will fail to stay afloat long enough to flourish into successful globally competitive businesses.
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