A new model developed jointly by business and the tertiary sector to improve R&D returns and commercialisation policy for Australia’s universities was released today.
The Business Council of Australia and the Australian Vice-Chancellors Committee Study on building better systems to take university R&D to the market draws on local and international best practice to create the model.
The objective of the study is to promote a significant increase in R&D commercialisation in universities and provide a catalyst for Australia’s higher education sector to match the top 20 universities in the United States in terms of returns from commercialised R&D.
Business Council of Australia Board Member and CEO of Commonwealth Bank, Mr David Murray and Australian Vice-Chancellors’ Committee President, Professor Di Yerbury said they hoped the model would also prompt federal and state governments to position commercialisation of research as an explicit third role of universities, in addition to teaching and research.
Read the news release here or download the study here.