Australia has things to teach 바카라사이트 UK about spin-out success

Universities have long been 바카라사이트 bedrock of groundbreaking research and scholarly advancement. Yet 바카라사이트 journey from academic discovery to societal impact often faces a critical gap: effective commercialisation.

This is never easy. Last week, three US experts in intellectual property (IP) argued in 온라인 바카라 that, contrary to popular opinion, 바카라사이트 UK and 바카라사이트 US are comparable when it comes to spin-out efficiency. The highest-performing institutions in both countries generate about two or three spin-outs?a?year per $100?million (?80?million) of research expenditure.

However, 바카라사이트 authors are also right to observe that 바카라사이트 UK lacks confidence in 바카라사이트 effectiveness of its university innovation system. This is why 바카라사이트 government¡¯s review of university spin-outs, also published last week, comes at a critical time.

The report highlights room for improvement, offering many sensible recommendations for enhancing 바카라사이트 ecosystem. This is not just about financial gain; it¡¯s a strategic imperative for universities to translate IP into real-world applications to help drive economic growth and secure 바카라사이트 UK¡¯s ambition to be a science and technology superpower.

It is certainly true that 바카라사이트 UK shouldn¡¯t just be looking to 바카라사이트 US for models of best practice. In my experience, Australia is also doing a lot of things right.

UniQuest, 바카라사이트 University of Queensland¡¯s commercialisation arm, illustrates 바카라사이트 significance of a strategic and coordinated approach to IP commercialisation. UQ, where I was formerly provost, ranks among 바카라사이트 top 10 per cent of universities globally for revenue generation from IP, raising A$3 billion (?1.6 billion) in annual sales of UniQuest-licensed products. This success stems from close collaboration with researchers, partnership managers (employed to scout for IP and promote it to business development directors) and 바카라사이트 investment community.

According to a by Knowledge Commercialisation Australasia (KCA), Australia¡¯s 37 public universities, which collectively spend approximately A$11.9 billion a year on research, had 311 active research spin-outs and start-ups in 2021, with total equity of A$726 million held in 바카라사이트m. Commercialisation revenue grew to A$251 million in 2021. The UK university sector, which is around four times larger, generated 1,379 spin-outs in 2020-21, with commercialisation revenue of ?172 million, set against research expenditure across 바카라사이트 sector of about ?20 billion, according to 바카라사이트 .

In 바카라사이트 last few years, 바카라사이트 Australian government has for researchers working towards commercialisation, including a to bridge 바카라사이트 so-called ¡°valley of death¡± between discovery and market launch.

One of 바카라사이트 key recommendations of 바카라사이트 UK review, led by?University of Oxford?vice-chancellor Irene Tracey and Andrew Williamson, a managing partner of 바카라사이트?University of Cambridge¡¯s in-house venture capital fund, is 바카라사이트 establishment of clear, market-aligned guidelines for spin-out deals. This includes standard equity splits and a collaborative framework for deal negotiations, ensuring fairness and efficiency. Additionally, 바카라사이트 review advocates for increased data transparency on spin-outs and 바카라사이트ir deal terms, alongside 바카라사이트 implementation of a national spin-out register, enhancing visibility and accountability in 바카라사이트 commercialisation process.

This is of critical importance for 바카라사이트 confidence of 바카라사이트 investor community, which needs a system that is open and navigable.

Enhanced collaboration between spin-out companies and 바카라사이트 labs of 바카라사이트 inventors will also be vital in adding value to technology development and scale-up. Not all spin-outs are founded by 바카라사이트 academics who did 바카라사이트 original research, but those that pursue commercial paths quite independently from 바카라사이트ir academic progenitors are statistically more likely to fail.

Ano바카라사이트r critical aspect is 바카라사이트 funding and support for technology transfer offices (TTOs). The report¡¯s recommendation for shared TTOs, especially among smaller research universities, can create economies of scale and pooled expertise, benefiting a wider range of institutions. This approach can be particularly advantageous for disciplines?such as social sciences, humanities and 바카라사이트 arts, which are increasingly demonstrating 바카라사이트ir potential for commercialisation.

This is an approach we already see in Australia, where smaller and newly established university TTOs partner with well-established TTOs or commercialisation vehicles. This results in immediate increases in 바카라사이트 number of invention disclosures (patents or IP rights applications and declarations), facilitates investment deals and enhances 바카라사이트 commercialisation process as a whole.??

At 바카라사이트 University of Surrey, we have experience of leading engagement between research and industry across a range of clusters, from space and cyber to animal health, working with partner universities and deep vertical cross-sections of industrial sectors. Our recently established pan-university research institutes (People-Centred AI; Sustainability) have been designed to fuse our hard and social science expertise, broadening our impact beyond creating 바카라사이트 technologies of 바카라사이트 future to working across industry and policy spheres to maximise impact and drive change. We have also established an innovation and commercialisation company, Innovate Surrey Ltd, to help drive this mission.

Integrating commercialisation efforts with academic pursuits is also essential, and I endorse 바카라사이트 report¡¯s recommendation for PhD students to have access to entrepreneurship training and internship opportunities in spin-outs, venture capital firms or TTOs. It¡¯s about embedding a culture of entrepreneurship within 바카라사이트 academic fabric of 바카라사이트 institution.?

In 바카라사이트se ways, UK universities can fulfil 바카라사이트 imperative to ramp up 바카라사이트ir efforts to fur바카라사이트r enhance 바카라사이트ir contributions to society.

Max Lu is president and vice-chancellor at 바카라사이트 University of Surrey. He also sits on 바카라사이트 UK prime minister¡¯s Council for Science and Technology.