In her Keynote address at the recent Knowledge Commercialisation Australasia 2022 Conference (KCA), Professor Margaret Gardner, President and Vice Chancellor of Monash University, referenced recent Australian studies which demonstrated that for every $1.00 committed to research expenditure, over $6.00 of impact is delivered to the Australian economy.
Professor Gardner said Australia should (justifiably) be proud of this impact, noting that Australian research provides the ultimate “springboard” to support a vibrant and professional commercialisation sector.
Professor Gardner outlined three focus areas championed by KCA across the public sector research eco-system to ensure long-term commercialisation success:
- Highlight positive outcomes in partnership with discovery research sectors;
- Create an environment that recognises and incentivises commercial outcomes; and
- Build a culture of professionalism within the commercialisation sector and develop policies to encourage collaboration.
Monash University has embedded these core approaches into robust practices to support its commitment to delivering successful commercial outcomes across multiple areas of the university. These practices include:
- Establishing specific commercialisation and enterprise roles within the University leadership team to create a culture of respect and collaboration in knowledge transfer activities; and
- Formalising key policies to encourage and foster new collaborations with industry through facilitation by a professional and stable commercialisation team.
The results speak for themselves.
Since implementing these initiatives, the University has experienced significant growth in the commercialisation success and value with new spinouts jumping to $726m in 2021 (compared to $146m in 2017) and new research contracts with for-profit companies exceeding $800m in the same year (up from $461m in 2017).
Professor Gardner noted that Australian commercialisation outcomes are on a steep upward curve, providing opportunities to scale and establish Australian-based international businesses with the help of professional groups such as KCA.
gemaker has been assisting the commercialisation efforts of the university sector for over 11 years to build strong and resilient commercialisation frameworks to maximise outcomes. Please contact Natalie Chapman, Managing Director, at firstname.lastname@example.org for further information on how we could assist your team.