Boosting Aussie entrepreneurship

Universities must do more to foster entrepreneurial skills and commercialise research results, according to Minister for Education and Training Senator Simon Birmingham.

The Minister said the release of ‘Boosting High-Impact Entrepreneurship in Australia’ highlights the fact that Australia creates a lot of new knowledge but has a poor record of commercialising that knowledge.

“Our researchers are in the top 10 in the OECD for contributing to research publications, but we are ranked last on the proportion of businesses which collaborate with research institutions on innovation,” Senator Birmingham said.

“This report reinforces that we need to do more to turn great ideas into products and practices that help build businesses and create jobs in Australia. And small, innovative businesses need support to grow, employ more Australians and compete in international markets.”

Australian universities are seen by the government to have a vital role to play.

“We need to tap into the energy and the smarts of our graduates, and the bright ideas and ingenuity of our researchers, to build adaptive industries that sustain an agile, productive and competitive economy,” Senator Birmingham said.

“The Australian Government will invest $9.7 billion in 2015–16 into research across education, industry, health, defence and agriculture, to help ensure the Australia of the future is agile, creative and innovative, and able to compete with the best in the world.”

The Minister also said $357 million will go towards 899 new research projects funded through the Australian Research Council, and the government is reviewing research policy and funding arrangements to help improve collaboration between research and industry to increase the commercial returns from Australia’s research efforts.

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