Research commercialization is the process of transforming ideas or research into marketable products, income from licenses and/or revenue from sale of a product. Commercialisation of research is key for our nation’s growth and enhancing the lives of future generations.
Australia’s world class universities are hubs for quality research and are gaining attention for valuable commercialization. However, universities are struggling to resurface from COVID-induced crises of insecure employment, falling international student revenue and sliding research funding. Even before COVID, Australia’s funding of research and development (R&D) has been in the lower half of OECD nations for the past 20 years. The question remains whether Morrison Government’s $2.2 billion University Research Commercialisation Package (URCP) will quench our university’s R&D fund double-decade thirst.
The URCP aims to improve the translation of Australian university research into breakthrough products. The package hopes to see universities, industry, and government partner to drive commercial returns. Preliminary areas of research include medical products, food and beverage, recycling and clean energy, resources and technology, critical mineral processing, defense, and space. URCP has five success factors: scaled investments over long-term horizon, commercialisation directed towards national priorities, industry-led innovation, established collaboration between universities and industry, and engaged research institutions. Only time will tell whether the URCP will have any significant impact on our nation’s economy, but for now, we can put faith in our nation’s academia for innovative change.