An independent assessment conducted by national consultancy firm Frost & Sullivan (Australia) Pty Ltd has found that South Australia’s $11.1 million Manufacturing Works initiative has been quite beneficial for SA manufacturers.
The initiative was launched by the State Government of South Australia in October 2012 to support innovation and research, as well as to connect manufacturing businesses with SA universities and help them find new markets and export opportunities.
Frost & Sullivan results showed that a significant majority of participants in the assessment believe they have benefitted from Manufacturing Works initiatives.
According to the assessment, 232 individual companies took part in one or more Manufacturing Works programs – approximately seven per cent of the manufacturing companies in South Australia with at least one employee.
“73 per cent of the companies interviewed for Frost & Sullivan’s assessment found Manufacturing Works to be ‘beneficial’ or ‘highly beneficial’ to their organisation. 72 per cent of the assessment participants reported the Manufacturing Works initiatives they’d been involved with either ‘surpassed expectations’ or ‘significantly surpassed expectations’, “said Manufacturing and Innovation Minister Kyam Maher.
“Importantly, the Frost & Sullivan assessment estimates Manufacturing Works has created around 290 jobs and generated about $88 million in revenue for the state, with the estimated ‘value-added’ impact of the program to be $26 million to date.”
Click here to read the full Frost & Sullivan assessment report.