Annual Report FY 16-17
During the 2016-17 financial year, FIAL has continued to drive collaboration, innovation and growth for the Australian food and agribusiness (F&A) sector. This was achieved through a number of initiatives designed to address the gaps and unite stakeholders across the sector to work together to grow the share of Australian food in the global marketplace.
This year FIAL observed a shift in the industry mindset, with more SMEs considering global markets, particularly e-commerce, as a way to diversify their sales channels. Businesses are also increasingly wanting to better understand their end-consumers needs and therefore adapt their offerings to meet them. Additionally, innovation is continuing to play an increasing role as a key driver of business competitiveness and growth.
During 2016-17, FIAL responded to the rapidly changing landscape by adapting existing or creating new programmes to better accommodate industry's needs. FIAL rebranded, transforming its logo and repositioning its initiatives into three pillars: sharing knowledge, building capability, and creating connections to make it easier for stakeholders to identify with FIAL's value proposition. Key initiatives launched or delivered during the 2016-17 financial year span across the three pillars and were delivered in collaboration with other organisations or agencies.
The partnership between FIAL and the Entrepreneurs' Programme (EP) is one such collaboration that has given industry the opportunity to participate in one or more of the 49 innovation and market readiness workshops delivered across Australia.
The second edition of the book: 'Celebrating Australian Food and Agribusiness Innovations', has also raised the profile of many companies showcased.The book has provided industry with a way to further celebrate innovation and inspire others to invest in innovation through one of FIAL's funding programmes: Enterprise Solution Centre or Project Fund.
FIAL's new website has many improved features including the capability to customise the experience for stakeholders and businesses. Website traffic has increased over 370% since it's launch in September 2016.
Over 3500 stakeholders have participated in FIAL's programmes, with more than 30% participating in more than one of FIAL's initiatives.FIAL is also tracking the culture across the sector and initial findings indicate that the different initiatives across knowledge, capability and connections are leading industry stakeholders to feel more positive, empowered, and equipped to seize new market opportunities. During the year, FIAL has delivered its programmes using an income of $7,141,900 which is derived from the Department of Industry, Innovation and Science, other government departments, and industry. Some of the unspent funds have been deferred as income for the new financial year.The overall operating result of FIAL for the year ended 30 June 2017, after providing for income tax, was a loss of $224,456 and net assets of $7,117.
The past year has been an exciting one for FIAL, with the knowledge and insights gleaned over the period informing future initiatives of benefit for the sector.