This is one initiative announced on Wednesday by the state's Minister for Innovation and Better Regulation Victor Dominello and Minister for Industry, Resources and Energy Anthony Roberts as part of the NSW Innovation Strategy.
Additionally, a ministerial innovation committee will be set up to oversee implementation of the strategy and encourage agencies to innovate.
A third measure will be the launch of an innovation concierge that will improve communication between entrepreneurs and the government.
And Roberts added: "It is important that we continue to improve our innovation capabilities, prepare for new technological and economic opportunities and grow more jobs for the people of NSW."
The government also announced the new members of its Innovation and Productivity Council, which will be chaired by Neville Stevens. It will advise the government on policies and strategies.
Cicada Innovations chief executive Petra Andren welcomed the government’s announcement.
“Putting innovation front and centre sends a strong message to industry, researchers and financiers. Especially advanced technology, which should be the focus, and not just market-based apps," said Andren who heads what is Australia's leading business incubator for deeper technology start-ups and scale-ups, and the 2014 world's best business incubator.
“I congratulate Minister Dominello and Minister Roberts on this forward-thinking approach," he said.
“NSW has a growing reputation for advanced-technology start-ups and scale-ups, and today’s plan will encourage entrepreneurs and their backers. Advanced-technology is key to sustained innovation, skilled jobs growth, game-changing research and purposeful IP."
A copy of the strategy can be downloaded here.