New analysis by Science & Technology Australia shows the new national research commercialisation fund would generate $17.6 billion in returns to Australia’s economy by using the skills playbook of our nation’s brightest commercialisation stars.
The modelling will be released today in a National Press Club address today by Science & Technology Australia President Professor Mark Hutchinson on how to take more great Australian science from the lab ‘bench-to-boardroom’.
The analysis estimates conservatively that even if only half the outlay pledged by the Australian Government for a new research commercialisation fund – $800 million – delivered a similar rate of return as star experts, it would generate $17.6 billion in returns.
And that once just five per cent – a very conservative figure – of the innovators backed by the new scheme are successful on the scale one successful research centre has been – the new fund will already have paid for itself.
Everything above that five per cent success rate would be a windfall gain to Australia.
In his speech, Professor Hutchinson will urge the new national fund to adopt the same model for success as his team of research commercialisation superstars – who adopted a ‘bench-to-boardroom science’ approach from the very start.
He’ll make a compelling case for investment in a new national ‘bench-to-boardroom’ initiative by Science & Technology Australia modelled on the success of his research centre’s approach – to create Australia’s first generation of scientist-entrepreneurs.
Under his leadership, the ARC Centre of Excellence in Nanoscale BioPhotonics has created 16 startups with a combined market capitalisation and market value of $519.1 million.
These new companies have created 70 new jobs across Australia – and counting.
“If we can turn more of our great Australian science into startups in the years ahead, it will generate vast economic returns for our nation,” Professor Hutchinson will tell the National Press Club.
“We can shape a new era of economic opportunity to create jobs for our kids and grandkids – and make Australia one of the world’s rising science and technology superpowers.”
“Having a new research commercialisation fund will be a game-changer for Australia.”
“It can bridge the investment gap before private venture capital markets are willing to step in – and turn more great Australian science and technology into new jobs and companies.”
Professor Hutchinson said a new ‘bench-to-boardroom’ initiative would equip scientists and technologists to propel the translation of promising discoveries into technologies.
“In coming years, we want to identify hundreds of scientists and researchers Australia-wide with the aptitude and passion to become commercialisation stars.”
“And we want to train them for specialist roles to propel the translation of promising discoveries into technologies and be linchpins between industry and university research.”
“We want to create the next generation of ‘bench-to-boardroom’ scientists.”
“We have a vision, and a proven model of success – all we now need is the startup capital!”
Today’s speech is the centrepiece of Science meets Parliament – now in its 22nd year – the nation’s premier event connecting scientists and technologists with policymakers.
It is a flagship program of Science & Technology Australia, the nation’s peak body representing more than 90,000 scientists and technologists.
Media contact: Martyn Pearce, STA – 0432 606 828