Promoting Innovation and Commercialisation:
The Australian Framework
Innovation and commercialisation of research and development (R&D) is essential for the competitiveness of an economy in the increasing globalisation of industry.
This report analyses the data on innovation and commercialisation in the Australian economy to determine the local challenges and opportunities. These are then used to examine the Australian Government policies and initiatives in the areas of publicly funded innovation and business innovation. The report concludes with some lessons from the Australian framework for APEC economies.
The main lessons from the Australian experience that are applicable across APEC economies are:
- good measurement of R&D inputs and outputs is helpful for benchmarking against other economies and for focussing Government policies appropriately
- determine where the innovation bottlenecks are and the local challenges and opportunities
- research that produces public good benefits requires public funding
- publicly funded research requires focus on developing the commercialisation channels to maximise the economic and social benefits
- commercialisation skills of researchers and intermediaries may need to be developed
- promotion of business innovation is shifting from company targeted to market based
This report and presentation were part of the APEC Forum on Science and Technology Commercialisation in Suzhou, China, November 2007. Isoparity consultant Craig Skinner was invited to attend the APEC Forum as the Australian delegate.