THE Commonwealth Government has committed $2.1 million to the Australian Institute for Commercialisation's (AIC) TechFast program to help SMEs improve business performance.

After the success of the AIC's national TechFast pilot in 2005-2006 - and a positive, independent review of the program - the Commonwealth's Department of Industry, Tourism and Resources has confirmed an ongoing funding package to allow the program to continue.

Managed by the AIC, TechFast assists businesses identify, assess and pursue new partnerships that can provide access to technologies and distribution channels to improve business performance.

It uses a unique market pull approach to helping SMEs solve problems and pursue new opportunities.

Specifically, it works with companies with an annual turnover between $3 and $100 million to create innovation partnerships, become more competitive, overcome challenges and seize new opportunities.

The Commonwealth's funding allows the AIC to not only provide its collaboration facilitation services, but also offer qualifying businesses up to $50,000 in funding support.

AIC chief Dr Rowan Gilmore says collaborations fostered through TechFast are 'integral to business success' as they enable businesses to improve their product range, service delivery and make their business more productive in general.

"TechFast builds partnerships with people and organisations from very different industries," says Dr Gilmore.

"It finds solutions to business needs from research organisations and other business that may not usually be associated with such SMEs.

"Under the program, businesses will discover new channels to develop or commercialise products and ideas and are able to access specialist know-how or equipment for market analysis, product development, and testing."

Since 2005, TechFast has contributed more than $2.9 million to 32 Australian businesses and helped them identify and adopt new technology and knowledge.

"Most importantly, TechFast has generated new business opportunities and reduced the time and costs for companies to adopt new technologies and knowledge, ultimately increasing their competitiveness and profits," says Dr Gilmore.

On Australia Day this year, the AIC called on Australians to adopt 2007 as the 'Year of the Idea' to help the nation grow and remain globally competitive.