Leaders from both academia and business agree that the best way to foster innovation in science and technology is by getting researchers, business and startups working together.
We’ve prepared this two-part Relationship Guide to canvass the issues and promote the assistance and support available to researchers who want to interact more closely with industry. Read Part 1 here.
Businesses look to universities and research institutes for new knowledge that can help them scale up and innovate their products and services. By accessing the latest research findings, businesses of all kinds can improve their efficiency and profit. At the same time, researchers can create sustainable jobs, novel solutions and global pathways for their knowledge. While there’s robust support available to facilitate research-business relationships, it can be hard for a business to find the knowledge they need. Cultural differences and misunderstandings can also get in the way.
Get out of your bubble!
The best way for researchers to find new opportunities is by networking, knocking on doors and telling others about their discoveries. There will be no collaborative opportunities for those that can’t be found and the new commercial engagement KPIs attached to federal research funding provide strong incentives for all academic researchers to widely communicate the value and potential of their work.
It’s all in the timing
Academics might resist the faster timeframes imposed by businesses seeking knowledge input in order to take a product to market, but unless researchers are prepared to respond to commercial timeframes and develop a sense of urgency, there’s a chance that opportunities will pass them by. No matter how closely a research project aligns with a commercial product, the early bird will get the worm.
Knowledge exchange
Universities are increasingly supporting students and academics to acquire the skills they need to explore commercial opportunities, with assistance provided by way of incubators, accelerators, short courses and government support. Learn more about some of the initiatives that help facilitate and accelerate research-business partnerships: Tech Connect, AMSI Intern, CSIRO’s ON, Cicada Innovations and Data 61’s Ribit and Expert Connect platforms.
Don’t rely on government support
While a broad range of government support is available to help researchers get started, Appen founder Dr Julie Vonwiller warns that to succeed, a product must be able to stand alone on its own merit in a marketplace without the need for ongoing subsidies.
Publish or perish?
There’s often a tension between publishing and protecting knowledge with IP, but patent attorney Dr Gavin Recchia says it’s all about getting the timing right.
It’s a team sport
Business owners Dr Alan Taylor and Dr Julie Vonwiller say the entrepreneurial journey requires a vast array of skills and talents and innovation all the way along as a business evolves.
– Jackie Randles
Find more insights about research-industry partnerships from the Commercialising Research Forum on our Research Futures information channel developed with Inspiring Australia.