Submission to the Department of Education, Skills and Employment

Many universities may not currently have the financial resources to identify the best ideas to fund or the most efficient and effective pathway to commercialise research, particularly considering the impacts of the COVID-19 pandemic on the higher education sector. [...] A coherent national scheme designed to bridge the known barriers experienced by universities, industry and government and boost the commercial benefit of research should: • Provide a clear focus for the application of effort and resources towards the translation of research for commercial benefit in Australia, across all schemes and programs. [...] • Be guided by experts from universities and industry with experience and success at realising the commercial benefits of research, end-user collaboration and developing the next generation of research and commercial talent. [...] International experience shows us that successful, mission-driven approaches to innovation share design principles of: • Strategic orientation informing and framing the specific societal challenges or problems, strengthening the legitimacy of the focused policy intervention towards clear and precise objectives • Policy coordination of the strategies and activities of the different institutions inv. [...] The scheme should also aim to enable the development and transfer of talent between research and industry by incentivising and rewarding engagement and collaboration.