Unleashing the entrepreneurial state: pioneering a Mission-Led future

2 min read

Unleashing the entrepreneurial state: pioneering a Mission-Led future

Unleashing the entrepreneurial state: pioneering a Mission-Led future
Unleashing the entrepreneurial state: pioneering a Mission-Led future

In today's highly competitive, dynamic, and uncertain world, multisectoral innovation and entrepreneurial thinking are required more than ever to help find solutions to the biggest social and economic problems of our time. SSE’s mission-oriented Strategy 2023-2026 outlines how our organisation is collaborating with public and private partners to tackle societal challenges, drive innovation, and advance economic growth through mission-oriented activities.

Our ambitious goals sit within a framework that invites and encourages purposeful collaboration between the public and private sectors, and we recognise that these multisectoral partnerships can catalyse innovation and mobilise resources towards solving some of our most pressing issues, such as inequality.

SSE’s compelling vision aligns with and is further inspired by the groundbreaking work of world-renowned economist, Mariana Mazzucato. Mazzucato—who is Professor in the Economics of Innovation and Public Value at University College London and Founding Director of its Institute for Innovation and Public Purpose—brings her message to Australia as part of a week-long, agenda-packed Mission-Led Australia Tour that kicked off on Monday 11 March in Sydney before heading to Melbourne.

Throughout her body of work, Mazzucato advocates for a redefinition of the state’s role in innovation and economic growth, and further delves into the pervasive issues of corporate short-termism and financialisation, arguing that these phenomena have lead to a fundamental misallocation of resources and stunted long-term economic growth. Neglecting to prioritise long-term value creation for all stakeholders, she claims, has resulted in broader societal interests, perpetuating inequality, and undermining innovation.

Collaboration key to unlocking prosperity

The essence of Professor Mazzucato’s platform is the tremendous power (and potential!) of collaborative innovation. By fostering a collective force that directs investments towards ambitious goals (‘missions’) such as society and environmental objectives, nations can better share both the burdens and boons of innovation, creating more equitable, resilient economies.

Australia is facing global and local challenges, accelerating at breakneck speed, and presenting an unpredictable future. It will take all of us—from all sectors and layers of society—working with purpose through a mission-led approach to affect positive systems change.

Australia's federal treasurer, Jim Chalmers, has openly championed Mazzucato’s thesis and articulated a clear desire for a new way of thinking about creating public value and purpose. Most vitally, we know that long-term economic growth and value creation will only come from long-term thinking on innovation, productivity, and sustainability and by ‘putting collective intelligence in the system’.

This is the purpose of the Mission-Led Australia Tour: a series of public addresses and keynotes designed to serve as a platform for exploring how Australia could realistically prosper via a mission-led agenda, and engaging tech and government executives, industry experts, and investors in the collective pursuit of innovation and sustainability.

Carving new pathways of value: but how?

Mazzucato argues for new economic thinking; thinking that demands a more holistic approach to measuring and evaluating value creation, one that takes into account the diverse contributions of individuals, organisations, and institutions to the economy and society, creating value beyond what one sector is willing or able to do on its own (“additionality”).

Right now, our country is faced with one of many such opportunities to lead together in a common purpose. The Australian Universities Accord requires collective intelligence, creative bureaucracy, and public and private resources to change the education story in this country. It defines a new kind of value creation that includes economic values and innovation value, and critically emphasises the importance of considering the social implications of economic activities, including their effects on well-being, equality, and environmental sustainability, and their ability to generate positive social outcomes and address societal challenges, rather than solely focusing on maximising financial returns.

Collective actions to define next gen’s future

Driven by public purpose, SSE’s Strategy 2023-2026 seeks to tackle societal challenges and help bring about socio-economic transformation through structural change and innovation, and through collaborative partnerships that seek a systems solution.

Innovation is not just about technology or economics—it's about people, purpose, and the planet. Together, we can forge a new path that harnesses the power of collaboration, creativity, and commitment to the common good. So, let's embrace this opportunity to change the story, redefine what's possible and lead the way towards a brighter, more equitable future for all.

SSE is a proud supporting partner of the Mission-Led Australia Tour.