CSIRO launches $20M investment to drive SME innovation

Australia’s national science agency CSIRO has unveiled a $20 million investment aimed at providing small to medium enterprises with enhanced access to crucial research and development opportunities, facilitating their accelerated growth.

The funding will empower CSIRO’s SME Connect team to extend support to approximately 750 SMEs through a suite of programs and initiatives.

These initiatives encompass facilitation, training, dollar-matched funding, and assistance for startups and SMEs venturing into company-led research projects.

Among the initiatives receiving backing is the flagship program of SME Connect, CSIRO Kick-Start.

Since its inception in 2017, the Kick-Start program has catalysed over 280 company-led R&D projects, with alumni companies collectively boasting a market value exceeding $2 billion.

Dr Doug Hilton, CSIRO’s chief executive, underscored the significance of this investment and its transformative potential for Australia’s vital 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.

He reiterated CSIRO’s core mission as the national science agency to create benefits for Australia, emphasising the agency’s commitment to fostering SME productivity, sustainability, and growth through increased R&D access.

According to CSIRO, SMEs constitute the backbone of Australia’s economy, comprising 99.8 per cent of businesses, contributing over half to the gross domestic product (GDP), and employing 68 per cent of the private sector workforce.

Simon Hanson, director of CSIRO’s SME Connect, underscored that the investment bolsters Australian innovation by providing tangible pathways for SMEs to leverage the expertise and facilities of the national science agency.

“Our research has shown that strong collaboration between industry and the research sector is crucial for the longevity and success of Australian SMEs,” Hanson stated.

Goterra, an award-winning startup based in Canberra, serves as a prime illustration of the success stories emerging from CSIRO’s SME Connect programs.

Olympia Yarger, founder of the CSIRO Kick-Start alumni company, has pioneered an innovative waste management system utilising insects to process food waste, resulting in a remarkable 97 per cent reduction in greenhouse gases.

Yarger highlighted Goterra’s collaboration with CSIRO farming experts, crediting them with providing invaluable support in overcoming critical challenges.

“CSIRO’s Kick-Start program connected us with leading scientists who not only provided world-class research capabilities to some of our most complex problems but were also pivotal in supporting our exploration of business opportunities, alternative technological advancements and industry connections,” explained Yarger.