Fran Foo | July 03, 2008
SAP has pledged $12.6 million over seven years in funding, technology equipment and infrastructure to Australian research initiative, Smart Services Co-operative Research Centre.
The German software maker is the largest contributor to the program.
Other investors have poured in $89.2 million worth of funding, including Telstra, global outsourcing firm Infosys, insurer Suncorp-Metway, Fairfax Digital and the governments of NSW and Queensland. Infosys said it would contribute $1.9 million in cash and services towards the program.
About $30.8 million will come from the federal Government.
At the launch of Smart Services in Sydney today, federal Innovation Minister Kim Carr said the research initiative was long overdue , given that services provides most of the country's jobs and generate large amounts of gross domestic product.
"The services sector dominates our economy in just about every area except one - exports.
"It is pleasing to see Smart Services setting itself the goal of making Australian services more internationally competitive and boosting service exports," Senator Carr said.
The investment by the Commonwealth and other investors are estimated to enable Smart Services to return at least $250 million to the Australian economy by 2016, he said.
Smart Services will embark on 11 research projects this month.
Smart Services chief executive Warren Bradey said his outfit differs from other R&D institutions as commercial viability and business benefits are put ahead of technical research before an idea find its way into the labs.