Australia’s national science agency CSIRO has unveiled a $20 million investment to provide small to medium enterprises (SMEs) with access to vital research and development (R&D) opportunities to accelerate their growth.
The funding will allow CSIRO’s SME Connect team to support up to 750 SMEs through a range of programs and initiatives that provide facilitation, training, dollar-matched funding and support to start-ups and SMEs seeking to engage in company-led research projects.
The SME Connect team has supported start-ups and SMEs across a broad range of industry sectors including manufacturing, technology, agriculture, mining, energy and health and biosecurity.
CSIRO CEO Dr Doug Hilton said this significant investment will have a transformative impact for Australia’s critical SME sector.
“SMEs are crucial drivers of Australia’s future and so often the engine room of new, innovative thinking and solutions to many of the challenges our society faces,” Dr Hilton said.
“CSIRO’s fundamental role as the national science agency is to create benefits for Australia and that includes helping to drive SME’s productivity, sustainability and growth through greater access to R&D opportunities and conducting research to support a more resilient and diverse economy.
“CSIRO is committed to its role within the innovation ecosystem of supporting SMEs in embracing research and providing access to the resources, knowledge, and support they need to flourish.”
According to the CSIRO, SMEs make up 99.8 per cent of all business in Australia, contributing more than half to the gross domestic product (GDP) and employs 68 per cent of the private sector workforce.
“Our research has shown that strong collaboration between industry and the research sector is crucial for the longevity and success of Australian SMEs,” CSIRO’s SME Connect director Simon Hanson said.
“This funding injection enables us to encourage and support initiatives aimed at bridging this gap, fostering meaningful collaborations between businesses and academia, we aim to facilitate innovation and growth within the SME ecosystem.
“We are dedicated to proactively supporting SMEs nationwide by leveraging CSIRO’s extensive research capabilities and expertise, empowering them to commercialise and integrate cutting-edge innovations into their operations.”