The Federal Government will spend almost $1.1 billion in the next four years to promote business-based research, development and innovation.

Prime Minister Malcolm Turnbull unveiled his much-anticipated Innovation Statement in Canberra on Monday, saying he wanted to drive a so-called "ideas boom".

A key focus of the plan revolves around strengthening ties between the business community, universities and scientific institutions.

A $200 million innovation fund will co-invest in businesses that develop technology from the CSIRO and Australian universities.

Money has also been set aside to help students in years 5 and 7 learn coding.

Early stage investors in start-up businesses will get a 20 per cent non-refundable tax offset and a capital gains tax exemption.

Those investing in new early stage venture capital partnerships will get a 10 per cent offset.

Mr Turnbull said the changes would help Australia transition away from the mining boom.

"What is going to drive Australian prosperity in the years ahead? How does our economy transition?" Mr Turnbull said at the launch of the plan inside the CSIRO in Canberra.

"Our innovation agenda is going to help create the modern, dynamic 21st century economy Australia needs.

"Unlike a mining boom, it is a boom that can continue forever, it is limited only by our imagination, and I know that Australians believe in themselves, I know that we are a creative and imaginative nation."

The package's major initiatives are: $106 million in tax incentives for "angel" investors, who provide seed funding in the early years of a venture's creation

$106 million in tax incentives for "angel" investors, who provide seed funding in the early years of a venture's creation $75m to the CSIRO's data research arm Data 61

$75m to the CSIRO's data research arm Data 61 $30m for a Cyber Security Growth Centre to create business opportunities in cyber security, which the Government spends $5b on each year

$30m for a Cyber Security Growth Centre to create business opportunities in cyber security, which the Government spends $5b on each year $15m over four years towards a $200m CSIRO Innovation Fund

$15m over four years towards a $200m CSIRO Innovation Fund $10m over four years towards a $250m Biomedical Translation Fund, in partnership with the private sector

Australians wanting to take their ideas internationally will also be supported through a $36m "Global Innovation Strategy", helping them get started in Silicon Valley, Tel Aviv and three other locations, as well as a $22m funding project with German's Fraunhofer Institute.

Insolvency laws will also be relaxed for start-ups which fail. The default period for bankruptcy will be reduced from three years to one year.

Australia's falling maths and science standards are also being addressed through a $48m Science Technology Engineering and Mathematics (STEM) literacy program, $14m to encourage women and girls into the sector and $51m for to promote "digital literacy."

Industry Minister Christopher Pyne said the bulk of the 24 measures in the Government's plan will start from July 2016.

"This is an agenda that is about jobs, it's about growth, it's about the future of the Australian economy."