Put Research to Work: How Research Commercialisation could drive Australia's Innovation Economy
Ideas are cheap. Execution is expensive. - Chris Sacca
Key Takeaways:
Australia is a leader in cutting edge research, with deep tech and life sciences driving innovation.
There are systemic challenges hindering our potential to commercialise our research.
Successfull commercialisation can delivered positive economic impact, including diversifying Australia’s economy.
University of Melbourne’s TRAM, is one such initiative working foster strong collaboration between Universities, Industry Leaders and Venture Capitalist to start to overcome those challenges.
Research commercialisation is the vital bridge that transforms groundbreaking academic discoveries into impactful, market-ready solutions, driving innovation and economic growth.
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In Australia, the journey from lab bench to global markets enriches industries, boosts national productivity, and creates high-value jobs. Yet, this process has challenges that must be navigated strategically, especially in high-potential sectors like deep tech and life sciences.
Both deep tech and life sciences are at the forefront of solving humanity's most pressing challenges through cutting-edge scientific and engineering innovation.
These sectors are defined by:
Foundational Innovation: Breakthroughs in AI, quantum computing, robotics, advanced materials, and biotechnology.
High Barriers to Entry: Demanding significant time, capital, and expertise.
Transformational Impact: Solutions that reshape industries, tackle societal challenges like climate change, and redefine healthcare.
Longer Time Horizons: Requiring patient capital and long-term commitment to succeed.
These ventures aspire to deliver tangible human betterment—a goal worth pursuing despite the challenges.
Australia’s vibrant research ecosystem has proven to be a global innovation powerhouse, making strides in medical devices, quantum computing, synthetic biology, and advanced materials. When successfully commercialised, these ventures:
Propel Australia’s leadership in cutting-edge industries.
Generate significant economic value through exports and new revenue streams.
Drive job creation in high-value STEM fields.
Cement Australia’s reputation as a hub for world-class innovation.
Beyond immediate economic gains, these sectors strategically diversify Australia’s economy, reduce reliance on cyclical industries like mining, and build resilience against global supply chain disruptions.
They inspire the next generation to pursue STEM careers and entrepreneurial ventures.
Key Challenges
Despite its robust research foundation, Australia faces several barriers to turning ideas into market-ready solutions:
Funding Gaps: Early-stage funding for high-risk, high-reward ventures is limited, particularly in deep tech and life sciences.
Limited Academia-Industry Collaboration: Long-term partnerships between researchers and industry need strengthening to drive innovation.
Complex Regulatory Pathways: Sectors like biotech and medtech face additional hurdles in navigating compliance.
Venture Capital Limitations: Australia’s venture capital ecosystem is smaller and less focused on research-based ventures than its global counterparts.
Talent Shortage: The lack of experienced operators and risk-tolerant entrepreneurs slows the path to scaling innovative ventures.
In the thick of it
Australia is already taking steps to address these challenges.
More Venture Capital Firms are turning their attention towards deep tech and life sciences, and Universities and Governments (local, state and federal) are looking to encourage, educate and foster more opportunities for research papers to have a chance to impact society.
Programs like the University of Melbourne’s TRAM initiative, part of the Melbourne Entrepreneurial Centre, are making significant contributions to addressing these challenges by equipping academics and making them consider tacking on an entrepreneurial venture and fostering a stronger connection between research, industry and investors. To learn more about TRAM visit the institution’s website.
The TRAM Air program specifically focuses on helping researchers translate advanced projects into real-world applications, preparing them for investment. Its annual Investor Breakfast event connects venture capitalists and industry leaders with TRAM’s latest cohort, fostering partnerships that turn ideas into impactful enterprises.
The 2024 cohort includes transformative projects that address global and local challenges:
Revolutionary treatments for dementia and cognitive disorders - Meizon Innovations
Quantum computing innovations to enhance iron disorder detection - FeBi Technologies
AI-driven tools to optimise the grid’s energy transition - Voltmind
Earlier detection of visual cognition issues in children to improve learning outcomes - Vis-Cat
Retinal regeneration for combating blindness - Mirugen
Aerosol treatment advancements to fight infectious diseases - Misti
Well done to all the teams taking these groundbreaking ideas into the next stage of their commercialisation journey!
Turning to the horizon
Australia is poised to lead the global innovation economy, but unlocking its full potential hinges on collaborative efforts to advance research commercialisation. By addressing key challenges and fostering stronger partnerships between academia, industry, and investors, initiatives like TRAM ensure that brilliant ideas do not remain confined to the lab. Instead, they transform industries, improve lives, and drive long-term economic growth.
I am looking forward to what new ventures start in the new year.
Sources, Resources & References:
The TRAM Current Cohort - https://www.tram.org.au/current-cohort
Translating Research at Melbourne - https://www.tram.org.au/
This is a real quantum leap: local computing concern downplayed, May 20th 2024, The Australian
New Life Sciences Hub set for Sydney, June 17th 2024, The Australian
Nicholas Opie and the future of Australian deep tech, March 8th, 2024, InnovationAus
Building a Ladder to Commercial Success for Deep Tech Founders, February 5th 2024, Tenacious Ventures
Realising Australia’s Biomedical Potential with Targeted Capability Attraction, December 15th 2023, BCG
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