Unlocking innovation through enhanced collaboration between universities and industry

Abstract

Small and Medium Enterprises (SMEs) play a crucial role in local economic growth, representing 99.5% of all businesses in Australia. However, product development poses a challenge for SMEs due to their limited resources and barriers to readily invest in Research and Development (R&D). To overcome these constraints SMEs often outsource R&D activities to higher education institutions, emerging as vital partners. While university-industry collaboration offers mutual benefits to industry and academia, Australia is underperforming compared to other OECD countries. This research delves into the dynamics of Australian SMEs' micro-level interactions with universities, uncovering the barriers and enablers in their collaborative New Product Development (NPD) efforts. The findings offer valuable insights for universities seeking to enhance their partnerships with local SMEs, ultimately contributing to innovation-driven growth for the Australian economy.