Biotechnology is formally defined as the science of using living things, and components of living things, to produce goods and services. It involves manipulating and modifying organisms, often at the molecular level, to create new and practical applications for agriculture, medicine and industry. Practically, modern biotechnology includes techniques ranging from chemistry through to molecular and cellular biology, biochemistry and immunology to biological applications of information technology and the development of medical instrumentation. Its applications span health, agriculture, energy and the environment.1
Broadband refers to the ability of a single access line or wireless or satellite link, connected to a telecommunications network, to provide support for fast, always-on access to digital content, applications and a range of services, some or all of which can occur simultaneously. The first generation of internet services used dial up modems and standard ISDN links to connect users to the internet at ‘narrowband’ speeds. The second ‘broadband’ generation of internet services depends on ADSL, cable modems and certain corporate and satellite data connections. This level is usually described as ‘broadband’ if it provides always-on data services of 200 kilobits per second (Kbps) or more. However, there are those who argue the term ‘broadband’ should only apply to a third generation of services with connection speeds of 10 megabits per second (Mbps) or greater on the basis that it is only at these speeds that broadband becomes something more than a faster version of today’s internet services.2
Commercialisation is the process of turning an idea or invention into a useful product or service. Some commentators use commercialisation in a narrower sense to mean turning an idea or invention into a marketable product or service that will return a profit. Commercialisation is a component of the broader innovation process.
Competitive advantage is the possession of various assets and attributes (including natural resources, location, skilled workforce) which gives a competitive edge over rival suppliers.3
The term connectivity usually refers to the extent to which individuals and businesses enjoy networked computing capacity for interconnection of systems and applications.
Economic growth reflects the increase in the production of goods and services over time and is often used as a measure of increased material well-being generated through economic activity. Economic growth is driven by greater use of inputs (such as labour, capital and natural resources) and/or growth in productivity. It is usually reported as a percentage increase in Gross Domestic Product (GDP) for a country or Gross State Product (GSP) for a state.
Ecosystems are a community of plants, animals, and micro-organisms that are linked by energy and nutrient flows and that interact with each other and with the physical environment. Rainforests, deserts, coral reefs, grasslands, and a rotting log are all examples of ecosystems.4
Information and communication technology (ICT) is the catch-all phrase used to describe a range of technologies for gathering, storing, retrieving, processing, analysing and transmitting information. Advances in ICT have progressively reduced the costs of managing information, enabling individuals and organisations to undertake information-related tasks much more efficiently, and to introduce innovations in products, processes and organisational structures.
Innovation is the process of converting knowledge and ideas into better ways of doing business or into new or improved products and services that are valued by the community. The innovation process incorporates research and development, commercialisation and technology diffusion.
Intellectual property is intangible property that is the result of creativity. Intellectual property can be protected legally through devices such as patents and copyrights.
A knowledge economy is based on the production, distribution and use of knowledge as the main driver of growth, wealth creation and employment across all industries. It does not rely solely on a few high technology industries for growth and wealth production, but also on the application of knowledge in traditional industries such as mining and agriculture.
Labour productivity measures output produced per unit of labour, usually reported as output per hour worked or output per employed person. Increases in labour productivity are driven by technological change, improvements in efficiency, improvements in the quality of labour and capital deepening (where more capital is added to a given amount of labour). See also, Productivity Growth.
Nanotechnology incorporates scientific advances in protein synthesis, molecular engineering and micro-computing. It is creating a set of tools and processes that will enable the synthesis of materials and structures at the atomic level.5
Productivity growth reflects growth in output not attributable to growth in inputs (such as labour, capital and natural resources). Increases in productivity can be driven by technological advances (through innovation and increases in skills) or improvements in efficiency (making better use of existing technology). Over the long term, productivity improvements are considered to be the main contributor to rising living standards. See also, Labour Productivity.
Research and development (R&D) comprises creative work undertaken on a systematic basis in order to increase the stock of knowledge and the use of this knowledge to devise new applications. Research and development is a component of the broader innovation process.6
Seed funding is private capital that supports the growth of early-stage ventures which typically do not have fully established commercial operations, and require funding to assist in launching new products or continuing research and product development.
Sensor technology incorporates processing and laser technologies to allow machines to interact with other things, monitoring, reacting and responding to what’s going on around them.7
Sustainable development is economic and social development that meets the needs of the current generation without undermining the ability of future generations to meet their own needs.8
Technology refers to the body of know-how about the means and methods of producing goods and services. Modern technology is increasingly science-based, but also includes methods of organisation as well as physical technique. The application of new technologies, particularly computers and software applications, has been a major factor driving Queensland’s productivity growth in recent decades.
Technology diffusion is the dissemination of technical information and knowledge and the subsequent adoption of new technologies and techniques by users. Technology diffusion is a component in the broader innovation process.
Technology transfer is the sharing of knowledge and facilities among industries, universities, governments and other institutions to ensure that scientific and technological developments are accessible to a range of users who can then further develop the technology into new products, processes, materials or services.
A value chain is a group of enterprises cooperating to progressively add value to a product or suite of products in response to market opportunities. Value chain management involves actively managing the chain to achieve efficiencies and increase capacity with a view to increasing market share. Common outcomes include: reductions in the costs of doing business; reduced lead times; enhanced products or services; and reduced inventory or physical stock holdings.
Last reviewed 19 January 2006