University-industry collaboration: Improving new product development with small and medium enterprises

Small and medium enterprises are crucial players in Australia, representing 99.4% of businesses and providing 68% of local employment. New product development is vital for their growth but requires significant resources, leading many companies to outsource development. Collaboration with higher education institutions can provide access to essential resources and knowledge. However, only 7.6% of Australian small and medium enterprises engaged with universities for innovation (2020-21), representing a significant opportunity for improvement. This research addresses gaps in extant knowledge by using a multi-qualitative method to study university-industry collaboration at a micro-level, resulting in new frameworks and recommendations to improve collaboration practice.