In an era where innovation drives economic growth and technological advancement, Australia faces a critical opportunity to enhance its sovereign capability and foster new industries through small business innovation research (SBIR) programs.
These programs, which have seen substantial success in the US, offer a strategic framework for supporting startups and small businesses, enabling them to develop and prove their technologies.
As we look to shape a Future Made in Australia, the expansion and robust funding of SBIR-type programs are essential.
The importance of SBIR programs
SBIR programs are crucial because they balance funding with the need to prove the viability of a product or service.
Startups are inherently risky, and Australian organisations (including government departments) are often conservative about taking risks, preferring proven solutions from overseas that are not often fit for purpose. This conservative approach limits local innovation.
SBIR programs bridge this gap by providing necessary support to startups and small to medium-sized enterprises (SMEs), allowing them to demonstrate their value and attract customers. This not only benefits individual businesses but also strengthens Australia’s economic and industrial base by encouraging local innovation and building expertise and capacity.
Read more in gemaker Managing Director Natalie Chapman‘s insight on the InnovationAus website.
