Checklist for maximising return on R&D

Successful "proof of concept' implementation is the key to maximising return on R&D investment in universities, according to Science Industry Australia (SIA).

The industry body said irrespective of the amount of investment allocated to "public good' and "commercial' science, the return on investment in science and innovation can only be maximised if newly developed innovation and IP is commercialised quickly and efficiently.

Dr Geoffrey Burge, SIA President claims: "There exists a disconnect between the research side and the commercial side of Australia's innovation system brought about by the research outputs from universities not being adequately developed to the point of being investment ready."

"We must improve our performance in removing this disconnect," says Duncan Jones, executive director of the SIA, "and the proof of concept checklist and guidelines would go a long way towards achieving this, thus maximising the return on investment to the public in supporting science and innovation."

"The Science Industry Action Agenda (SIAA) has developed a proof of concept checklist and set of guidelines designed specifically to help bring the two sides closer together," Dr Geoffrey Burge, SIA president said.

"The checklist and guidelines that we have developed are based on best practice experience across research agencies, universities, commercialisation intermediaries and venture capital companies."