FIAL Annual Report FY 15-16
Food Innovation Australia Limited (FIAL) successfully transitioned to the Food and Agribusiness Growth Centre on the 1st July 2016. During the 2015-16 financial year, FIAL continued to be the catalyst for collaboration, integration and solution sourcing for the Australian food and agribusiness (F&A) sector. This is evidenced from the extensive number of collaborative projects developed and delivered in partnership with industry stakeholders.
More than 4000 stakeholders across the sector were reached during the financial year, with 2,226 industry participants actively engaged in FIAL's programmes, of which over 95 per cent were from small and medium sized companies (SME). Knowledge and insights obtained through the different initiatives undertaken during the year were used to refine offerings to the sector and used to inform future initiatives of relevance for industry.
Some of the key activities launched and/or delivered during the reporting period are:
- Grown the database of 3,557 organisations, consisting of 1888 enterprises of all sizes
- Website has continued to provide knowledge on innovation and markets to the sector, with over 1500 visits to the site per month
- Over 80 case studies of exemplar behaviour were developed
- Initiated or supported more than 30 collaborative research projects
- More than 80 initiatives were delivered or partnered with others
- Potential sales of over $25M were identified from activities undertaken
- Greater than 250 cluster groups and 50 innovation champions identified
Total income for the year was $7,084,000, with funds being used to deliver activities throughout 2015-16, with a profit of $91,103 at the end of the reporting period. Expenditure for the year totalled $4,283,780. A total of $2,908,696 of the total income has been treated as deferred revenue. In-kind contributions were $1,171,165 with matched industry funding making up $667,000 of innovation projects contributions.