The Australian Government announced a $2.2 billion investment over 11 years to translate more high quality university research into new products and services, new businesses and start-ups, and more jobs through the University Research Commercialisation Action Plan. The University Research Commercialisation Action Plan will create stronger links between business and industry and focus effort in the six National Manufacturing Priority areas to drive commercial returns, these include resources technology and critical minerals processing, food and beverage, medical products, recycling and clean energy, defence, and space.
A key reform is the establishment of Australia’s Economic Accelerator, a $1.6 billion program to support translation and commercialisation in National Manufacturing Priority areas. The program aims to bridge the gap between research outcomes and commercialisation, moving research breakthroughs down the innovation pipeline to create jobs and lift productivity. This will be supported by a $150 million expansion will also be made to the CSIRO Main Sequence Ventures to provide for equity investments in high-value early-stage opportunities. Further information is available at www.dese.gov.au/university-research-commercialisation-package.