Govt's $800m science fund could generate $17.6bn in returns

Science & Technology Australia has estimated that the federal government’s new research commercialisation fund could generate $17.6 billion in returns if used judiciously.

Analysis conducted by the organisation estimates that the fund could generate such returns if even only half the $800 million commitment delivered a similar rate of return as some of Australia’s top performing commercialisation experts.

Unveiling the modelling at the National Press Club, Science & Technology Australia President Professor Mark Hutchinson also said that if just 5% of the innovators backed by the new scheme are successful on the scale one successful research centre has been, the fund will have already paid for itself.

During his speech, Hutchison urged the national fund to adopt the same model the team of innovators have followed, which involved adopting a ‘bench-to-boardroom science’ approach from the very start.

“If we can turn more of our great Australian science into startups in the years ahead, it will generate vast economic returns for our nation,” he said.

“We can shape a new era of economic opportunity to create jobs for our kids and grandkids — and make Australia one of the world’s rising science and technology superpowers. Having a new research commercialisation fund will be a game changer for Australia.”

Science & Technology Australia now plans to pursue new bench-to-boardroom initiatives to allow other innovators to achieve successes such as that achieved by the ARC Centre of Excellence in Nanoscale BioPhotonics which, under Hutchison’s leadership, has created 16 startups with a combined market capitalisation and market value of $519.1 million.

“In coming years, we want to identify hundreds of scientists and researchers Australia-wide with the aptitude and passion to become commercialisation stars. And we want to train them for specialist roles to propel the translation of promising discoveries into technologies and be linchpins between industry and university research,” he said.

“We want to create the next generation of bench-to-boardroom scientists. We have a vision and a proven model of success — all we now need is the startup capital.”

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