The concept of innovation in the fishing industry dates back hundreds, if not thousands of years. However, with an ever changing and more regulated environment affecting change and making business more resilient and open to change is becoming more difficult.

FRDC has already started the process of developing and expanding its reach through funding the FISH-X program. However it is only a small step on the journey and focuses on one aspect of the broader innovation and framework - namely the start, assisting industry to get ready for change.

Other global industry initiatives such as Fish 2.0 (http://www.fish20.org) have a similar intent but go further bringing together the whole innovation chain – both drawing together disparate stakeholders to explore new opportunities and innovative solutions to big problems, and to shift the mindset of all players towards entrepreneurship and linking them with expertise and finance to make it happen. The FRDC can leverage significant benefits by linking its existing programs to global partners via FISH 2.0. FRDC can facilitate and build Australia's Fishing and Aquaculture industries’ ability to tap into new sources of innovation investment, technology, insights and talent.

However a key part of the framework to deliver this program is missing - that of funding. New funding programs and avenues exist across all agriculture, driven by a renewed interest by investor in food production as a sustainable investment. The Australian seafood industry has not actively engaged in this space. Though there have been some pockets where companies have looked outside the traditional sphere of investment and/or partnered with overseas companies.

While the FRDC has invested in the front end via FISH-X, there is a clear need to invest in a program that will establish linkages to expertise and new funding sources.