A UNSW Business School academic says great headway is being made by universities to catch-up with the evolving innovation industries.

Professor of Business Psychology, Chris Jackson said, "In the past, universities and industry have not always talked the same language and had the same time-frame for deliverables."

"However, we are working on this and universities have made big strides to try and cover these gaps over the last few years. We are still very good at what we do, unbiased and objective, but now we are faster in what we do."

Professor Jackson's comments come as industry professionals and academics prepare to meet and discuss ways to bridge knowledge gaps and promote the evolution of Australian business.

Director of Entrepreneurship at Division of Enterprise UNSW Sydney, Dr Elizabeth Eastland, who will provide the opening address at the 'Fresh Ideas for Australian Innovation' conference said, "Australian business is poised for an era of momentous transformation."

"As we transition out of an economy underpinned by resource exploitation, in the coming decade we will also contend with the impact of automation and robotics, with estimates predicting that 44 per cent of current jobs will be at risk."

"Entrepreneurship and innovation will fuel the next wave of economic growth and social progress in this country by creating companies who have the solutions to our most pressing problems."

The conference will have a sharp focus on the interactions and collaborations between entrepreneurs, corporates and universities. 

According to UNSW Business School's Professor Jackson, there are many conferences that highlight and showcase innovation in Australia but few are run by universities. 

"Our research group is trying to forge links and reconnect with industry," Prof Jackson said.  

"This is important because universities are powerhouses of knowledge and learning that can be used for businesses to get ahead and yet the links between our communities are weak in Australia."

The Fresh Ideas for Australian Innovation: Synergies Between Entrepreneurs, Corporates and Universities will take place at UNSW Sydney's CBD campus at O'Connell Street.