| Following on from Tuesday’s e-newsletter regarding the government’s National Innovation and Science Agenda, we’ve taken a closer look at a key focal point of the Agenda that centres on collaboration – ‘Working Together’.
The ‘Working Together’ aspect of the Agenda focusses on translating Australia’s R&D output into commercial outcomes. It is designed to drive stronger collaboration between research bodies and industry, and to encourage universities to engage in commercialisation by measuring the success of their efforts and factoring this into future funding decisions. Most of the discussion regarding the Agenda has focused on start-ups, and while there is no doubt that they will play an important role in the new economy, the real work and structural change needs to start at the other end of town. In Australia, venture capital backed firms generate just 0.01% of GDP. While the government’s aim is clearly to improve on this, universities and big business will need to harness the opportunities presented in the Agenda if the next age of economic prosperity in Australia is to be realised. We discuss some highlights of the ‘Working Together’ initiative below. Global Innovation Strategy The Global Innovation Strategy which promises a $36 million investment over five years starting in 2016 encompasses: o Establishment of “landing pads” in global innovation centres (such as Silicon Valley, Israel and Germany) to support entrepreneurial Australians, o Seed funding to assist Australian business and researchers to collaborate with international counterparts, and o Measures to reduce barriers to regional collaboration. While these present a significant opportunity for Australian businesses, collaborations give rise to numerous challenges including issues regarding IP ownership, funding and terms covering the nature of any engagement. As a result, careful planning will need to be undertaken prior to embarking on these relationships. Successful collaborations depend on a number of factors: o Choosing the right partner: both parties need to have the same vision and goals and need to be able to work together. o Embracing a clear operational framework at the outset which governs the entirety of the collaboration from the initial research phase to commercialisation. o Having clear documentation setting out each partner’s respective rights and obligations and ensuring that the ability to commercialise the outcomes is secured. Innovation Connections Programme An investment of $18 million is to be made to expand and relaunch the existing Innovation Connections Programme. This will drive partnerships between researchers and small and medium enterprises, through initiatives such as providing grants to researchers to fund placements in business or public sector organisations. These types of arrangements have the potential to kick-start new innovations. However, to avoid disputes arising in the future, these arrangements will require a strong IP framework and documentation to ensure that ownership and commercialisation rights are clearly understood. New Arrangements for Universities One of the most significant institutional initiatives in the Agenda includes the changes announced in relation to universities, namely: (a) Introduction of a systematic national assessment (with a pilot assessment in 2017) to measure how the Australian government’s investments in University research are translated into commercial outcomes and benefits for Australia; and (b) Changes to university research funding arrangements (commencing 1 January 2017) which not only emphasise publication of their outcomes, but also success in industry and end-user engagement. Universities have for some years, with varying degrees of success, attempted to translate their excellent research achievements into meaningful commercial outcomes. However, until now, the success of these endeavours has assumed secondary importance to the research itself. The government’s clear intent is that the commercial outcomes of the research should be a primary goal and that universities will be judged against their success in this area. These changes are likely to rapidly impact the type of research being conducted by Australian universities, the types of collaborations they engage in, and the terms on which these are conducted. This in turn should result in different types of relationships and measures of success, which will need to be properly structured and documented upfront. The increased focus on commercialisation, and the fact that industry outcomes will become an integral feature of grants and funding requirements, means that it will also be essential for researchers and innovators to properly protect their IP to enable it to be commercialised. How we can assist The drive to focus on translating Australia’s impressive research track record into commercial success is likely to deliver positive outcomes, not only for investors in the innovation sector but also to everyday consumers of innovative products and services. IP (including identification, protection and enforcement) is central to the success of this aspect of the Agenda. Wrays is a business focussed on leveraging innovation. We work with blue chip and emerging companies locally and internationally, to provide commercial and legal solutions across a broad range of technology disciplines. Guided by our heritage in IP law, together with our scientific and engineering expertise, we partner with our clients to provide insightful and globally relevant advice. If you would like to discuss any of the above, or how to progress an opportunity, talk to us now. |