UQ receives funds to boost innovation in food and beverage
The University of Queensland (UQ) will lead a push for increased commercialization of innovation within the food and beverage sector after receiving a grant as part of the Trailblazer Universities Program.
UQ’s Food and Beverage Accelerator (FaBA) will be funded $ 50 million over four years to increase growth and innovation in the sector. The program will be used to help carry new food and beverage projects to a commercial stage, with manufacturers given access to pilot facilities and modern equipment to test new products. FaBA will also work with the CSIRO to use existing facilities in food research.
“This is about working together to create new technologies, products and businesses in the food and beverage sector, which will ultimately create jobs and boost the Australian economy,” said Professor Matthew Morell, director of UQ’s Queensland Alliance for Agriculture and Food Innovation.
“By 2030, this project aims to contribute to doubling the value of Australia’s food and beverage manufacturing sector through a focus on smart production and new ingredients, creating innovative foods and beverages.
“FaBA is expected to help attract $ 1 billion in investment into food and beverage manufacturing and create 1700 skilled positions, along with a further 15,000 jobs across the sector.”
UQ, industry partners and collaborators with the university will contribute an additional $ 110 million in funding to FaBA. The intention is that the program will allow businesses to commercialize their projects quickly thus leading to a powerful industry boost.
“This investment will allow innovative smaller businesses to accelerate their capacity for developing and manufacturing products that meet changing consumer needs, such as the desire for premium products,” Morell said.
Further information about the Trailblazer Universities Program is available online.