Sydney-based data analytics provider Sirca, Bosch, Cisco, Rozetta Technology, Curtin University and the University of Tasmania have teamed up to create the Knowledge Economy Institute (KEi) to help business, government and researchers solve complex problems, increase competitiveness and create jobs.
The founding chairperson of the KEi is Chris Vein, the former CIO of the World Bank and deputy CTO in the Obama White House, described as “a world-renowned digital economy expert.”
KEi founding managing director, Dr Mike Briers, said: “Within five years, the KEi aims to be a $60 million organisation that’s helped to create 100 new commercial applications and start-ups while working with business and universities on data research to boost productivity across Australia.”
The KEi is being launched today at an Australian Information Industry Association (AIIA) IoT conference in Canberra by Paul Fletcher, the parliamentary secretary to the minister for Communications, Malcolm Turnbull.
Fletcher said the KEi would help harness the transformative power of data and digital technology to allow people to make better decisions based on cutting-edge research and real-time information.
Briers said that with the end of the mining boom, it was vital Australia moved quickly to catch the next wave of data-driven innovation that will drive the future economy.
“Instead of mining minerals, we’ll be mining data – and the rewards are potentially just as great as during the mining boom,” Dr Briers said.
“The possibilities are endless. Across Australia data research is already:
- finding better ways to treat cancer;
- regulating financial markets;
- improving efficiency in freight and logistics; and
- boosting both productivity and sustainability in agriculture.
“Using that data to solve problems and create new jobs will be the one of the foundations of the global economy. Cisco estimates that this is a $19 trillion dollar global opportunity with Australia set to capture $74 billion of that value.
“By bringing together Australia’s leading universities, researchers and businesses, the KEi will help to ensure that Australia’s next economic boom is based on data, knowledge and innovation as part of the worldwide digital economy,” Briers said.