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Leading SaaS provider TechnologyOne establishes Team Australia Fund

The Brisbane-based company TechnologyOne offers SaaS+ (Solution as a Service) products.

TechnologyOne has become a leader in the Australian industry, and its shares have performed well over the past 5 years.

TechnologyOne has consistently emphasised its R&D investment proudly within its ASX filings and according to Chat GPT,  has made the following R&D investment over recent years:

• FY22 – A$ 92.2 m
• FY23 – A$ 112.0 m
• FY24 – A$ 128.0 m

Writing in the AFR on 25 November, Edward Chung of TechnologyOne has announced the launching of a fund accepting applications from researchers.

The Article notes:

• ‘Australia is well behind the eight ball in this global R&D investment race. In fact, we are in nothing short of a crisis.
• R&D as a proportion of national gross domestic product has collapsed from 2.2 per cent in 2008 to 1.68 per cent in 2022, against an OECD average of 2.7 per cent.
• Investment by Australian business in research and development is an ugly story, falling from 1.37 per cent in 2010 to a meagre 0.88 per cent in 2022. Compare this to our OECD peers, where business R&D investment is almost 2 per cent of GDP. Put simply, our business sector does not value R&D and innovation anywhere near as much as our international peers.
• TechnologyOne reinvests 20-25 per cent of its revenue every year in R&D. It has been that relentless commitment to R&D that has made us a global success, competing and winning against some of the biggest names in the world of software.
• We put our own money where our mouth is – putting aside up to $3 million to help bridge the gap for projects that have lost US funds. We called it the Team Australia Fund and it is accepting applications from researchers right now.
• We asked Australia’s biggest companies to join us, but only two other tech companies answered the call.’

TechnologyOne should be commended for showing leadership on this issue, and for its commitment to Australian R&D Investment.

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