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IMCRC leaves massive legacy for Australian manufacturing

The

CRC closes doors but lives on in ongoing economic, social

and environmental benefits generated by portfolio, with over $4.2bn in new revenue growth, 6,000+ jobs and $2bn investment in future R&D by 2030.

After seven years successfully supporting the transformation of Australian manufacturing, the Innovative Manufacturing Cooperative Research Centre (IMCRC) has concluded its operations.

Over its lifetime, IMCRC purposefully invested $40m of Commonwealth funding into industry-led R&D to grow Australia’s manufacturing capability and capacity and drive real-world commercial outcomes. IMCRC’s Achievements and Outcomes Report has just been published, summarising the substantial impact and legacy IMCRC leaves for Australian manufacturing.

From its initial pool of funding, IMCRC catalysed a $254m project portfolio comprising 71 collaborations between 78 industry partners, 13 universities and the CSIRO.

Backed by a transparent governance structure and clear framework for commercialisation, IMCRC facilitated collaborations that leveraged Industry 4.0 technologies to explore new ideas, business models, products, processes, services and platforms.

Many of these projects are already delivering substantial commercial outcomes that will shape the future of Australian manufacturing, including new revenues, business growth, high-value jobs and global exports. In 2022, these outcomes were quantified by leading advisory firm ACIL Allen in an independent impact evaluation report, “The Impact of IMCRC”. ACIL Allen found IMCRC’s business model had delivered ‘significant positive impacts for the Australian manufacturing industry’, including economic benefits of more than $4.2bn by 2030.

Further benefits include the creation of 6,000+ ongoing full-time jobs, 224 collaborations and new partnerships, planned investment of $2 billion in future R&D and a 3.3m tonne CO2 reduction in greenhouse gas emissions.

“What set IMCRC apart was its commitment to operating with strong commercial principals, and in a timeframe that met industry’s needs,” IMCRC’s Chair, the Hon Ian Macfarlane said. “This approach enabled IMCRC’s partners to realise significant return on investment, including through the ownership of intellectual property and commercialistaion of technology.

“I would like to thank the Board for their tireless dedication to the success of the IMCRC, and CEO and Managing Director, David Chuter, and his team for their incredible work supporting participants on their innovation journeys. Their efforts have made IMCRC arguably Australia’s most successful CRC.”

“IMCRC has been one of the best ever Cooperative Research Centres,” added IMCRC Director, Professor Mary O’Kane AC. “Thanks to the hard work and vision of the team and partners, IMCRC leaves behind a considerable legacy.” IMCRC has been an independent and for-impact cooperative research centre with a successful, proven and scalable model for catalysing research and business partnerships that drove transformative commercial outcomes for participating Australian manufacturers. Over its lifetime, IMCRC successfully co-invested in 71 R&D projects, catalysing $254m in transformative manufacturing research. imcrc.org