Clever collaborations between Australia’s universities and businesses return almost $4.50 on average to companies for each dollar they invest.
And the total direct benefit to businesses was $12.8 billion in 2018-19 – or an average return to each company of $763,307.
New modelling for Universities Australia by Ernst & Young finds the number of businesses collaborating rose from 16,000 firms in 2016-17 to 16,867 in 2018-19 – or a five percent jump in two years.
The new figures make a strong “business case to business” that partnering with universities delivers impressive returns.
Key findings in the new modelling include:
- the direct benefit to business of university/business collaboration in 2018-19 was $12.8 billion;
- every dollar invested by business in university/business collaboration returns $4.47 on average;
- the benefit of this collaboration to the Australian economy in 2018-19 was $26.5 billion; and
- these collaborations help support 38,500 fulltime jobs.
A new video campaign highlights case studies of the major benefits to business.
Yeppoon mango farmer Ian Groves, Mangoes Australia CEO Robert Gray and CQUniversity researcher Professor Kerry Walsh star in the first video.
It highlights how the CQUniversity team worked with industry to develop hand-held infrared technology that can scan each mango on the tree.
The device counts mangoes, assesses ripeness, and predicts the perfect time for picking.
And that saves costs – because farmers know when to order boxes and how many, when to hire workers to pick, and can get more fruit to market in top condition.
To start a conversation with a university about solving your business challenges, visit: www.clevercollabs.com.au.