The Australian Graduate School of Management (AGSM) at UNSW Australia together with GE Capital have received funding to undertake significant research on innovation and leadership with to assist Australia's burgeoning mid-market sector.
The three-year research project, made possible thanks to a $340,000 Australian Research Council (ARC) grant, will investigate the Australian mid-market sector to enhance theoretical and practical understanding regarding drivers of innovation, performance, and growth for mid-market firms.
Business School Researchers Steven Lui, Chris Jackson, George Shinkle, Salih Ozdemir, will work with GE Capital to investigate how leaders drive the intensity and type of innovation -- and will provide practical prescriptions for innovation for Australia's medium-sized firms.
This major study and its outcomes are important as the mid-market sector:
- Contributes $425 billion in value to the Australian economy
- Employs 3.2 million people in Australia
- Contributes approximately 37% of all business revenue
- Is the breeding ground for future economic success in Australia
This announcement bolsters the relationship with GE Capital and AGSM and their commitment to The Australian Mid-Market Growth Alliance (AMGA) - established between the two organisations in 2012.
AMGA exists to recognise the importance of mid-market organisations to the Australian economy and provides support, advocacy and services to meet the specific needs of mid-market organisations.
Director of AGSM, Professor Julie Cogin said the linkage grant was a reflection of the exceptionally strong connection the school has developed with GE Capital.
"AGSM looks forward to working with GE to investigate ways to support such an important part of the Australian economy. We will more closely examine mid-market innovation, and provide ideas and solutions that can be applied in our region and globally," Professor Cogin said.
Director of Public Affairs and Communications, GE Capital, Anthony Spargo, said this was an important milestone for Australia's 27,000 mid-market businesses.
"The Mid-Market is a cornerstone of the economy. This is the first time medium size businesses have received a grant of this kind -- and it's very important that this sector, which contributes a third of business revenues and employs one in four Australians, is given this type of recognition and research, which they deserve," Spargo said.
"GE Capital supports one in four Mid-Market businesses and is proud to support this critical sector of the Australian economy."