The Morrison government has announced a $1.6 billion economic accelerator to assist Australia’s researchers and innovators in pursuing commercial viability and industry partnerships.
The effort is part of a $2.2 billion plan aimed at bringing together Australia’s “smartest business and academic minds” to work on commercializing six national manufacturing “priority areas”. Resources and key minerals, food and beverages, medical items, recycling and clean energy, defence and space are among them.
Increased commercialization of research and ideas will result in a stronger economy and a brighter future for Australia.
This is all about financing studies that will help bridge the ‘valley of death,’ where early-stage research is usually stalled due to increasing levels of risk and ambiguity. Yet another $296 million will be invested by the government in industry-focused PhDs and fellowships to support research commercialization goals and foster more university-industry engagement.
The Morrison administration is prioritizing research and action to transform Australia’s best ideas into new sectors and improve future prosperity. Universities Australia stated that it has long supported increased investment in translational research, recognizing the critical role that universities and industry play in commercialization achievement.
“The knowledge created by our universities and researchers drives our prosperity,” chair of the peak body John Dewar AO said. “Today’s announcement reinforces their role at the centre of Australia’s innovation ecosystem”.
Universities and businesses have long collaborated in the public interest. Additional assistance to aid in the commercialization of excellent ideas at critical stages is highly appreciated, as it improves the relationship between academics, government, and business to contribute to Australia’s economic recovery. The development further solidifies possibilities for regional academic institutions to highlight the critical contributions we play in regional Australia.
Provincial universities have a long history of collaborating with industry to find real solutions to real problems, increasing not only Australia’s local economic success but also the quality of life in regional areas, which is one of the many reasons why regional populations in Australia continue to expand.