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Prime Minister Scott Morrison makes the announcement at The National Press Club . Photo : Rowan Thompson / Getty Images
It is critical if we are to realise the untapped potential of our world-class researchers .
Bridging the ‘ valley of death ’
Positive response to research commercialisation fund announcement .
By Richard Garfield
Prime Minister Scott Morrison ’ s announcement of a $ 2bn research commercialisation fund has been met with widespread positivity by the higher education sector and business groups .
Announced during a National Press Club Address , the plan ’ s centrepiece is a $ 1.6bn fund to ensure early stage research progresses to development , dubbed the Economic Accelerator .
“ When it comes to driving commercialisation outcomes , the key policy challenge concerns the so-called ‘ valley of death ’ – where early stage research is frequently not progressed to later stages of development because of the risk and uncertainty about commercial returns ,” Mr Morrison said .
The funding will be provided in three stages , with the final stage forming part of an existing CSIRO fund created to support Australian start-ups .
The plan also includes $ 296m to create a “ new generation of research entrepreneur ” via 1800 new industry PhDs and 800 fellowships .
Universities Australia chair John Dewar welcomed the package ’ s acknowledgement of the role universities play in developing research to benefit the nation .
“ We look forward to working with government to develop a robust , meritbased process for assessing projects and recognising them with investment ,” Dewar said .
Go8 chief executive Vicki Thomson said the funding was “ essential ” to meeting the challenges facing the country .
“ It is critical if we are to realise the untapped potential of our world-class researchers ,” Thomson said .
Responses from the business sector were also positive .
“ The government ’ s $ 2.2 billion package will significantly improve Australia ’ s ability to commercialise our best ideas and innovations , scaling them up to create exciting new industries , new exports and new highly skilled jobs for Australians ,” Business Council chief executive Jennifer Westacott said .
“ Australian businesses are ready , willing and able to invest in the new innovations and solutions of tomorrow . Today ’ s common-sense package , which was closely developed with business and universities , will boost the collaboration needed across sectors and not only help develop our best ideas here , but turn them into global success stories .
“ Importantly , the new 3-stage research commercialisation scheme helps align research with the government ’ s modern manufacturing priorities and we welcome additional funding for the CSIRO venture capital fund ,” Westacott said .
Science and Technology Australia President Professor Mark Hutchinson said the investment could “ turbo-charge Australia ’ s research commercialisation success ”.
“ We see vast potential for it to ‘ levelup ’ Australia research commercialisation success , and generate stronger returns on investment for the nation from our worldleading research ,” Hutchinson said .
“ For too long the country has lacked the support and infrastructure for more of our research to bridge the ‘ valley of death ’ between research and commercialisation .
“ This announcement has the potential to be a game-changer .”
The Australian Academy of Technology and Engineering was similarly effusive , with President Professor Hugh Bradlow saying the ATSE applauded the government ’ s “ recognition that we need a new breed of research entrepreneur ”.
“ Research commercialisation will be an essential cog needed for a technologypowered , human-driven future which builds Australian sovereign capabilities , provides skills , and creates jobs ,” Bradlow said .
However , the National Tertiary Education Union denounced the plan as “ another step in the wrong direction ”, saying it doesn ’ t come close to making up for the amount of money pulled out of research over the past decade .
“ Over the past nine years , the Coalition has slashed $ 1.47 billion from the Australian Research Council alone ,” NTEU President Dr Alison Barnes said .
“ Over the same period , the Morrison Government has pulled $ 10 billion from the Commonwealth Grant Scheme and funding per student place in our universities will fall around 14 per cent under the recent Job Ready Graduate cuts .
“ This money is now being re-directed towards the commercialisation of research in particular industries hand-picked by the Coalition .”
The NTEU also questioned the emphasis on commercialisation , arguing “ not all publicly funded research should require immediate commercial application ”.
“ In fact , research teams are rightly advancing human knowledge in pure sciences , social sciences , and other fields without bias towards potential for-profit applications of such knowledge , which are largely unknowable in advance ,” Barnes said . ■
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