Effective industry and research collaboration: redefining return on investment
As the fourth industrial revolution (Industry 4.0) gathers momentum, manufacturers are becoming more aware of the commercial benefits of research and development (R&D) collaborations with research
organisations.
At the Innovative Manufacturing Cooperative Research Centre (IMCRC), we’ve seen these collaborations not only stimulate innovation but help companies compete commercially in the rapidly changing world of manufacturing.
By several metrics, Australia is a powerhouse of research and academic capability. Many companies have access to some of the country’s most advanced research facilities, business schools, and subject matter experts within a stone’s throw of their head office.
But for many business leaders, the question remains: if we invest in collaborative R&D projects, will we see a return on our investment? And is there a sufficient connection between what our business needs and what research organisations can provide?
In the second of a three-part series on navigating the path to successful industry and research collaboration, we look at the challenges businesses face in relation to return on investment and how these challenges can be overcome through effective collaboration.