How the program works
MLA will assist the partner to develop a comprehensive innovation strategy.
The innovation strategy will be integrated into the company's overall business strategy and would include measureable performance indicators which identify the contribution of innovation to the 'bottom line' and achievement of key business objectives.
Ultimately, the innovation strategy would be expected to contribute to the enterprises long-term profitability, competitiveness and sustainability.
Types of initiatives
It is anticipated that the scope of the innovation strategy would potentially be quite broad and may include initiatives in the areas of:
- New products and markets
- Development and/or adoption of new technologies and production processes
- Application of new science and knowledge
- New business systems and models (eg: value chain innovation, new strategic alliances)
- Organisational culture and capability, particularly in the area of building innovation capability
The support time frame for development and implementation of the collaborative innovation strategies is initially three years, although agreed innovative research and development (R&D) projects will be implemented and supported to address short, medium and long-term time horizons.
Budgets
MLA will provide access to matching Federal Government R&D funds to assist the companies in participating in this initiative on a 50:50 matching basis.
Budgets for the strategies are determined by the needs of the collaborative partner however a minimum budget is required to ensure the collaborative innovation strategies are successful.
Further information