The Innovative Manufacturing Cooperative Research Centre (IMCRC) is leaving behind a more than $6 billion impact on Australian manufacturing after closing its doors following seven years of operation.
Over its lifetime, the IMCRC has poured a total of $40 million of government funding into industry-led research and development efforts aimed at fostering Australia’s manufacturing capability and accelerating real-world commercial outcomes.
According to IMCRC’s Achievements and Outcomes Reports, the centre established a $254 million project portfolio, comprised of 71 collaborations between 78 industry partners, 13 universities and CSIRO, from its initial pool of funding.
IMCRC also facilitated collaborations that leveraged Industry 4.0 technologies to explore new ideas, business models, products, processes, services, and platforms.
Many of the projects are already delivering substantial commercial outcomes that will shape the future of Australian manufacturing, the research centre added.
The outcomes have been quantified in 2022 advisory firm ACIL Allen in an independent impact evaluation report, titled “The Impact of IMCRC.” According to the report, ICMRC’s business model had delivered ‘significant positive impacts for the Australian manufacturing industry’, including economic benefits of more than $4.2 billion by 2030.
It also resulted in the creation of over 6,000 ongoing full-time jobs, 224 collaborations and new partnerships, a planned investment of $2 billion in future R&D, and a 3.3 million 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. This approach enabled IMCRC’s partners to realise significant return on investment, including through the ownership of intellectual property and commercialisation of technology,” Ian Macfarlane, chair of IMCRC, said.
“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.”
