CSIRO invests $20 million in aid of enabling the country's SMEs to accelerate their innovation and research-driven growth across a range of industries.
The Australian science agency, CSIRO, has announced an investment of $20 million to support SMEs in accessing vital R&D resources that will help fuel their growth. It will also see the CSIRO's SME Connect team support as many as 750 SMEs through various programs, including facilitation, training, dollar-matched funding, and support for company-led R&D projects.
Of those programs, CSIRO Kick-Start has been one of the most impactful. Since its 2017 launch, Kick-Start has enabled more than 280 company-led R&D projects with CSIRO, which has empowered companies to increase their market value. To date, the combined market value of Kick-Start alumni companies stands above $2 billion.
Dr. Doug Hilton, Chief Executive at CSIRO, emphasized that SMEs form a significant constituent in the economy and innovation ecosystem of Australia, which cannot solve societal challenges without new ideas and novel solutions. He underlined that the role of CSIRO is to foster growth, sustainability, and resilience of SMEs through access to research expertise and resources fueling innovative growth.
They comprise 99.8% of the businesses in Australia, contribute over half of the nation's GDP, and employ 68% of the country's private sector workforce. The CSIRO's SME Connect team supports companies in everything from technology to manufacturing, agriculture, mining, energy, and health.
According to CSIRO's SME Connect Director, Simon Hanson, the investment is an opportunity that allows collaboration between Australian SMEs and the research sector through access to CSIRO's expertise and facilities. Innovation, growth, and long-term success-this is what this initiative wants to achieve with SMEs.
One of the most mentioned is Goterra - an award-winning start-up based in Canberra. Founded by Olympia Yarger, Goterra developed a breakthrough waste management system that deploys insects to process food waste, reducing its emissions by 97%. According to Olympia, CSIRO's Kick-Start program connected her team to leading scientists who provided research expertise and business insight that helped the company overcome its challenges and explore new opportunities.