New analysis Australia’s science and technology shows that the new National Research Commercialization Fund will bring the Australian economy $ 17.6 billion using a textbook on the skills of our country’s brightest commercialization stars.
The simulation will be published today at the National Press Club of the President of Australia Science and Technology Professor Mark Hutchinson at how to get more great australian science from lab to bench meeting.
The analysis according to conservative estimates, even if only half of the Australian government’s spending on the new research commercialization fund – $ 800 million – would bring in the same rate of return as stellar experts, it would bring in $ 17.6 billion.
And if only five percent – a very conservative figure – of the innovators who support the new scheme will be successful on the scale of one successful research center – the new fund will pay off.
Anything above that five per cent will be an unexpected profit for Australia.
In his speech, Professor Hutchinson will call on the new National Foundation to adopt the same model for success as his team of superstars commercializing research that has from the outset adopted a “science from bench to meeting room” approach.
It will lead to compelling arguments for investment in the new National Science & Technology Australia initiative, built on the success of his research center’s approach – to create the first generation of entrepreneurial scientists in Australia.
Under his leadership, the ARC Center for Excellence in Nanoscale Biophotonics has created 16 startups with a total market capitalization and a market value of $ 519.1 million.
These new companies have created 70 new jobs across Australia – and permanently.
“If we can turn great Australian science into startups in the coming years, it will bring great economic benefits to our country,” Professor Hutchinson told the National Press Club.
“We can create a new era of economic opportunities to create jobs for our children and grandchildren – and make Australia one of the world’s superpowers in science and technology.”
“Having a new research commercialization fund will change the game in Australia.”
“It could close the investment gap before private venture capital markets want to intervene – and turn great Australian science and technology into new jobs and companies.”
Professor Hutchinson said the new bench-to-the-hall initiative would give scientists and technologists the opportunity to turn promising discoveries into technology.
“In the coming years, we want to identify hundreds of scientists and researchers across Australia who have the ability and passion to become stars of commercialization.”
“And we want to train them for special roles to stimulate the transmission of promising discoveries in technology and to be a link between industry and university research.”
“We want to create the next generation of scientists from bench to meeting.”
“We have a vision and a proven model of success – all we need now is start-up capital!”
Today’s speech is the central part Science meets parliament – for the 22nd year – the main event in the country, which connects scientists and technologists with politicians.
It is the flagship program of Science and Technology of Australia, the country’s strongest body, representing more than 90,000 scientists and technologists.
A new analysis from Science & Technology Australia on the profitability of commercialization research
Contact for the media: Martin Pierce, STA – 0432 606 828