As announced in the 2020-21 Budget, the Government is providing $5.8 million to scope a University Research Commercialisation Scheme (a Scheme) to better translate and commercialise university research outputs. This is in addition to the $1.2 billion provided to the university research sector to maintain capability and excellence of Australian research.
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The scoping study will develop options for the establishment of a Scheme, drawing on advice from universities, industry and other experts and will be presented to Government for consideration.
On 11 November 2020, the Minister for Education convened an expert panel made up of business and university leaders, to advise him on the scoping study. The panel is chaired by Mr Jeff Connolly, Chairman and CEO of Siemens Australia and New Zealand.
A consultation paper was released on Friday 26 February 2021 outlining the issues, missions, rationale, and design elements of a university research commercialisation scheme, and invited submissions from interested parties and members of the public.
Submissions closed on Friday 9 April 2021.