The-Gatherer-Volume-7

THE COMMERCIALISATION CONUNDRUM

W e are fortunate to be home to world- class research institutions, modern ICT infrastructure, and a well-educated workforce. We rank in the top 10 among OECD member nations for total expenditure on R&D, Australian research findings are regularly cited in many of the world’s leading publications, and Australia is rated fifth in a ranking of the world’s top 200 universities by five key subject fields. There is so much going for us, and yet as a nation we are slow to commercialise. While many of the above examples were based on Australian research breakthroughs they were commercialised overseas, meaning many millions of dollars weren’t realised in the Australian economy. Wrays wants to see more home-grown innovative companies become world leaders. Members of our team and broader network have been exploring how innovators can use a combination of traditional methodologies and data science to rapidly and accurately guide commercialisation decision-making. WHAT’S HOLDING US BACK? Complacency After 27 years of economic growth, could it be that we’ve not suffered ‘real’ economic hardship? Have we lost the fire in our belly? Too hard Innovation doesn’t have to change the world, it can be incremental such as streamlining a process to remove cost, changing a business model, or finding a new market. Ask yourself these three questions: –– How can I remain relevant to my customers?

Too risky Not innovating because of a risk avoidance mindset is a false premise. Technology, pace of change, increased competition, and globalisation means there is a far greater risk our current businesses will not survive. Government responsibility Is the Australian government killing us with kindness? Many countries leading the World Economic Forum Global Innovation Index receive no government assistance to innovate. There is no hard data whether investments and tax payer dollars are being well directed, and it raises the question whether government or business should be the instigator of innovation. Fear of failure In some countries, such as the US, failure or bankruptcy is considered part of the journey from which to learn rather than being a career killer as it is in more risk adverse Australia. The good news is companies can now use data science to validate business models and cases and reduce both fail rates and investment risk. Commercialising IP In Australia, only 4.7% of higher education research is funded by industry, far below the performance of the top five nations which gain 16.8% of their academic research funding from business. The Australian Government has introduced new incentives to change this and we encourage all businesses to consider working with universities to fast-track their innovative efforts. Where to start? Businesses often lack the knowledge of what the commercialisation path looks like and who to involve.

Australia has a strong history of world-leading R&D and commitment to innovation. Refrigeration, heart pacemaker, black box flight recorder, ultrasound, cochlear implants, spray on skin, WIFI, and the bionic eye all came out of Australia. And let’s not forget Vegemite, the Hills Hoist, the wine cask the box kite and Australian Rules Football too!

–– How can I be more competitive? –– How can I grow my business?

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