A University of Queensland-led survey found businesses that engage in research and development programs are more financially successful.
The survey of more than 200 businesses of different sizes, locations and sectors, commissioned by the CSIRO, found there were clear benefits for small to medium enterprises (SMEs) that worked with universities or research institutions – particularly those in regional areas.
from Â鶹´«Ã½Ó³»’s Faculty of Business, Economics and Law said such collaborations have been shown to increase innovation and workforce development as well as improve economic growth.
“Against the backdrop of the strategic examination of research and development in Australia, partnerships between universities and SMEs are crucial for supporting the diversification and growth of Australian industries, as they help solve business challenges and bring innovation to market,” Professor Verreynne said.
“Our report highlights the need for tailored programs that cater to SMEs of varying sizes, ages, industries, regions, and capability profiles.
“We offer recommendations for enhancing the design and implementation of these programs to better support our nation's economic growth and diversification.”
The survey received 201 responses from businesses and analysed performance outcomes in three areas: innovation and business capability, organisational impact and additional collaborative outcomes.
One-fifth of those businesses employed fewer than 5 employees, one-third had between 6 and 19 people, 39% were medium-sized with between 20 and 199 employees and 7% were large businesses with more than 200 people.
The highest number of respondents came from manufacturing industries, followed by medical tech, biotech and pharmaceutical, and digital technology.
A total of 66% of businesses reported they achieved new or improved products from collaborating with universities or research institutions, including 81% of respondents from the minerals and mining industry, 72% of digital technologies and 71% of manufacturing.
Abandoned projects due to a lack of usable results was common across industries – highlighting the risky nature of research and development but also saving company resources by identifying when a project was not commercially viable.
Regional businesses reported significantly higher benefits than their metro counterparts, including in the development of new or improved products and improved credibility.
Research conducted in 2024 by the CSIRO found that for every dollar invested in research and development, there was an estimated $3.50 in economy-wide benefits and a 10% average annual return.
is published by csiro.au
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