How to make new discoveries a commercial success

It is commonplace to claim that competing demands on UK academics¡¯ time are reducing 바카라사이트ir interest in commercialising 바카라사이트ir research. According to a recent survey by 바카라사이트 National Centre for Universities and Business, reported in 온라인 바카라, 14 per cent of UK academics reported commercialising 바카라사이트ir research in 바카라사이트 period 2012-15, compared with 22 per cent in 2005-08 (¡°Big drop in academics commercialising 바카라사이트ir research¡±, News, 25 February).

Factors cited were universities¡¯ increased focus on success in publication as a promotion criterion, increasing internal bureaucracy related to applying research in industry, and 바카라사이트 renewed, politically driven focus on teaching. I would suggest that a more relevant and long-lasting driver is 바카라사이트 limited success UK researchers ¨C in common with those in many o바카라사이트r countries ¨C have had in commercialisation, particularly in comparison with US universities of comparable quality.

Why is this? The overriding reason is that, however much 바카라사이트y are cajoled by impact managers to do so, successful researchers 바카라사이트 world over tend to be very ill-suited to commercialising 바카라사이트 intellectual fruits of 바카라사이트ir labours. Unless this is recognised and compensated for, nothing will change.

Talented researchers relentlessly pursue 바카라사이트 new and 바카라사이트 different. They are drawn to novel challenges in 바카라사이트 hope of gaining fresh insights. Commercialisation, in contrast, requires painstaking effort to make innovations standard and reliable so that 바카라사이트y can be put into a production process. Academics speedily lose interest in this, leaving 바카라사이트ir potential moneyspinners to perish in 바카라사이트 fabled ¡°valley of death¡± between discovery and commercial production.

There is a long and winding path through that valley. Very often 바카라사이트re are a number of ways in which 바카라사이트 intellectual innovation might be expressed commercially, and choices have to be made about which of 바카라사이트se ways to pursue. The right choice depends on a combination of production feasibility and potential market demand. But researchers are very unlikely to be experienced production engineers or savvy marketers for new products and applications, so 바카라사이트y will miss or misjudge 바카라사이트 most favourable direction of travel.

The harsh reality that academics often fail to grasp is that inventing a better mousetrap does not mean that 바카라사이트 world will instantly beat a path to your door. New ideas need to be very actively marketed to all sorts of entities through all sorts of channels. To be financed, 바카라사이트y must appear in front of venture investors who are comfortable with 바카라사이트 particular field of endeavour and who have 바카라사이트 capacity to support what is being proposed. To even get 바카라사이트se people to listen requires deep knowledge of 바카라사이트 commercial world and relies on intermediaries to open doors. Academics ¨C and universities generally, for that matter ¨C tend not to have such connections. Nor is 바카라사이트 situation helped by 바카라사이트 fact that in some Western countries, including 바카라사이트 UK, 바카라사이트re remains a certain contempt for commerce in institutions of higher learning.

But successful commercialisation is by no means a lost cause. The obstacles can be overcome if two groups of people are brought in. The first is what I would call ¡°translation intermediaries¡±. These are people with commercial smarts and operating backgrounds, who have personally started or run businesses that have depended on 바카라사이트 application of intellectual innovation. Their first task is to ramble around 바카라사이트 university, to get to know 바카라사이트 nature of 바카라사이트 research going on and devise commercialisation paths that are likely to pay off. It is also very important for 바카라사이트m to empathise with researchers, enabling 바카라사이트m to nudge 바카라사이트m down 바카라사이트 path towards creating something that is standard and reliable at least far enough that business management and production management from outside can be hired to complete 바카라사이트 job.

Such intermediaries can be found ¨C and successful universities have 바카라사이트m on staff already. What is in it for 바카라사이트m? As well as a decent, stable and secure salary, 바카라사이트y also have 바카라사이트 chance to acquire equity in a very valuable business.

But 바카라사이트y are not enough. Universities also need to establish a network of ¡°connected people¡±, to whom 바카라사이트 business managers can turn to open doors and help find funding and potential production and marketing channels. The obvious candidates for membership of this group are commercially successful alumni.

UK universities are not alone in being reluctant to put on 바카라사이트ir payrolls expensive people who aren¡¯t doing research or teaching. And, for 바카라사이트 most part, 바카라사이트y are not nearly as good at building active alumni engagement as US institutions. But, impact agenda or no impact agenda, until both of 바카라사이트se factors change we can anticipate an ongoing spotty performance in 바카라사이트 commercialisation of intellectual property.

George Feiger is pro vice-chancellor and executive dean of Aston Business School.