Tuesday, 30 May 2017
Groundbreaking, innovative research and new start-up ventures arising out of the University of Adelaide will benefit from a landmark $200 million deal aimed at commercialising new technologies.
The University of Adelaide is part of a consortium of top research universities from Australia and New Zealand that has signed an agreement with one of the world's leading science commercialisation companies, the UK-based IP Group plc.
The agreement will see the company invest at least AUD$200 million over 10 years to fund investments in spin-out companies emerging from research at Australia's prestigious Group of Eight (Go8) universities – including the University of Adelaide – and the University of Auckland in New Zealand.
Interim Vice-Chancellor and President Professor Mike Brooks has welcomed the deal.
"This is an outstanding opportunity to partner with one of the world leaders in science commercialisation, helping to take to market innovations that have the potential to transform people's lives," Professor Brooks says.
"The University of Adelaide has enormous breadth in sciences, health science, agriculture and engineering technologies that are ideally suited to commercialise through a new venture. For over a century we have played a leading role in translating our innovations into outcomes with real benefits for industry, government and the community.
"This new partnership is key to the success of the University's innovation and entrepreneurship strategy. It means we will have the financial backing required to help convert local research and expertise into global products and services. This will deliver tremendous economic benefit to our State," he says.
Kiara Bechta-Metti, Director of Adelaide Enterprise, the University’s technology transfer unit, sees the IP Group investment into early stage research as highly complementary to the South Australian government’s Venture Fund, which also has the ability to invest alongside IP Group. "With the exceptional support the State is providing into early innovation, we see the University’s new start-ups benefitting from programs such as the South Australian Early Commercialisation Fund and Rapid Commercialisation Initiative," says Ms Bechta-Metti.
Alan Aubrey, Chief Executive of IP Group plc, says: "The business model we are using is similar to the model IP Group has used successfully in the UK and the US; providing business-building expertise, capital, networks, recruitment and business support. We believe the model is ideally suited to the Australian and New Zealand markets and represents a significant commercial opportunity for all those involved."
For further information about commercialisation of research and innovation at the University of Adelaide, visit the Adelaide Enterprise website: www.adelaide.edu.au/enterprise