Time to “level up” Australia’s research commercialisation

Australia should seize the growing momentum to ‘level up’ in research commercialisation and research translation, Science & Technology Australia has said.

Image by jplenio on Pixabay.

The peak body will work with the Australian Government to shape policy options – including a new $2.4 billion Science Future Fund to drive stronger research commercialisation proposed in our recent pre-Budget submission – towards that goal.

In a major speech on Friday, Education Minister Alan Tudge said his priority would be to drive stronger research translation and research commercialisation rates.

Science & Technology Australia Chief Executive Officer Misha Schubert said that goal strongly aligned with the ambitions of Australia’s science & technology community.

“Australia produces truly world-leading science and technology, but we can do significantly more to translate it into products, services and jobs – and new companies,” she said.

“Australian science is ready, willing and able to answer that call.”

“We need to ‘level up’ Australia’s research translation and research commercialisation with a strategic funding boost of extra seed capital to drive that agenda.”

“A new $2.4 billion science and research commercialisation fund would deliver powerfully toward that goal – generating jobs, boosting productivity and driving the economic recovery.”

“A strategic Budget funding boost targeted in this way would also help maximise the returns from existing outlays on university research.”

“And it could be designed to bring many more small and medium size businesses – the biggest component of our economy – into the opportunities from research translation and research commercialisation to transform the productivity and profitability of their firms.”

The Government published a University Research Commercialisation consultation paper on Friday to invite stakeholders to contribute their ideas on achieving this goal.

STA welcomes the opportunity to contribute to this important conversation.

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