Research Collaboration: The Billion-dollar Opportunity
Australia’s public research organisations have showcased their value as innovation partners; achieving over AU$1bn in industry research contracts in 2023, according to the latest Knowledge Commercialisation Australia (KCA) survey.
The survey of commercialisation outcomes from public research (SCOPR), undertaken annually by KCA, also identified significant outcomes of commercialisation revenue and active spinouts and startups operating in the Australian sector, based on IP from research organisations. This includes start-ups and technologies now operating in the biotechnology, medtech, IT and engineering sectors.
This data demonstrates the vital role research organisations can play in accelerating and fostering research on behalf of industry, and in turn – the increasingly commercial nature of the research and IP being developed. As universities strategically shift their revenue base to manage the proposed international student caps, the generation of revenue through industry partnerships and commercialisation outcomes from their research organisations, will become a key strategic pillar. Businesses and industry organisations with complex research problems, rapid growth aspirations and innovative technologies, should be considering strategic partnerships with research organisations that align.
University-industry engagement and collaborations can also be leveraged into additional funding through a variety of competitive grant schemes. Intellect Labs has managed and supported a number of success collaborative funding bids via its Grant Advisory service and have observed how when done right, these collaborations can accelerate innovation and rapidly fill gaps in the market.
Finding, fostering and managing partnerships that bridge across industry and research organisations can be rewarding and lucrative but complex. Intellect Lab’s Collaboration Management services can support both the facilitation of these partnerships, the governance of agreements and ongoing management.
If you would like to talk more about how we can help you foster your ideas, please don’t hesitate to reach out.