Improving commercialisation practices at the University - Researcher Founder level

How can we improve commercialisation practices and overcome the worst patterns in the subgroups of the University and their responsibilities and in the Researcher Founder's business acumen, good governance and leadership?

To overcome the "worst" practices in both university departments attempting to commercialise projects and researcher-founder-led startups, several measures can be implemented:

For University Departments:

1. Develop supported infrastructure: Invest in resources, such as technology transfer offices, incubators, and accelerators, to facilitate project development and commercialisation.
2. Encourage interdisciplinary collaboration: Foster a collaborative environment where researchers from different fields can collaborate to generate innovative solutions.
3. Strengthen IP protection: Educate researchers on the importance of intellectual property protection and support patent applications, licensing, and IP management.
4. Enhance communication: Establish clear communication channels between researchers, industry partners, and investors to ensure alignment of goals and expectations.
5. Build industry partnerships: Proactively engage with stakeholders to create mutually beneficial relationships and access valuable resources and funding.
6. Conduct market research: Encourage researchers to understand market needs and trends to develop commercially viable projects.
7. Secure diverse funding: Actively pursue grants, private investments, and government support to ensure the financial sustainability of projects.
8. Balance academic and commercial goals: Encourage researchers to pursue academic achievements and practical research applications.
9. Adapt to change: Foster a culture that embraces new methods, technologies, and market conditions to stay competitive and innovative.
10. Provide entrepreneurship education: Equip researchers with the necessary entrepreneurial skills through training programs, workshops, and mentorship opportunities.

For Researcher-Founder Led Startups:

1. Prioritise and set clear goals: Establish a clear vision and prioritise tasks to maintain focus and ensure efficient use of resources.
2. Develop business acumen: Seek opportunities to learn business principles, market dynamics, and management skills to navigate the commercial landscape effectively. Go to Directorship training courses. Learn modern good governance techniques and strategies.
3. Engage with customers and industry trends: Conduct thorough, appropriate market research and stay informed about industry trends to develop products that address customer needs.
4. Improve communication: Establish transparent communication channels among team members and company stakeholders to avoid misunderstandings and ensure alignment of goals. Ultimately this is very important and can help avoid major downstream legal issues.
5. Secure IP protection: Prioritise intellectual property protection and work with legal experts to protect innovations and enhance market position. This includes defining and documenting licences and available opportunities for sublicensing innovative technologies to increase speed to market.
6. Balance research and business development: Allocate time and resources effectively to ensure progress in research and commercialisation efforts. A Founder cant be a full-time researcher. This is a disaster waiting to happen and will severely hinder the start-ups' chances of success.
7. Delegate and build a strong team: Hire talented individuals with diverse skill sets and learn to delegate tasks to optimise efficiency and prevent burnout.
8. Embrace change and adaptability: Be open to adjusting strategies based on new information or market conditions and maintain a flexible mindset. Be self-aware. Know your strengths and identify your weaknesses.
9. Manage finances effectively: Develop robust financial plans, allocate resources wisely, and monitor financial performance to ensure the startup's sustainability. Audit your finances, audit your assets, and build and carefully manage an asset registry. Be ready to show outside investors what is on offer. Have a ready-made professional data room. Ensure you are always prepared for appropriate Investor-led due diligence investigation.
10. Cultivate a growth mindset: Encourage continuous learning, improvement, and innovation within the startup to stay competitive and drive success. Be agile and adaptable. Be humble.

Would it be that the primary responsibility of the University is to try and correct these things on the road to successful commercialisation from "their labs"? They initially own the IP and receive future royalties, so accepting joint responsibility for this process would seem appropriate.

Put another way, while it is true that universities are not solely responsible for correcting the worst practices in commercialisation efforts or researcher-founder-led startups, they do play a crucial role in creating an environment that fosters innovation and entrepreneurship.

As institutions focused on research and knowledge dissemination, universities are uniquely positioned to support researchers in their pursuit of commercialising their projects.

Here are some reasons why universities should take an active role in addressing these challenges:

1. Economic impact: Successfully commercialised research can contribute to economic growth, job creation, and regional or country competitiveness. By addressing the worst practices, universities can help drive economic development.
2. Reputation and prestige: Universities that consistently support successful commercialisation efforts can enhance their reputation and attract more resources, talented researchers, and industry partnerships.
3. Knowledge transfer: Commercialisation is essential for transferring knowledge from academia to industry and society. By addressing the barriers to commercialisation, universities can ensure that their research has a real-world impact.
4. Funding opportunities: Successful commercialisation can result in financial returns for the University through royalties, equity stakes, or licensing fees, which can be reinvested in research and education.
5. Talent development: By providing entrepreneurial education and support, universities can prepare researchers to succeed in a rapidly changing world and cultivate a skilled workforce capable of driving innovation.

While universities should address these challenges, they can collaborate with other stakeholders, such as industry partners, government agencies, and investors, to create a supportive ecosystem for commercialisation and entrepreneurship.

Ultimately, the responsibility of correcting these practices is shared, and success depends on all stakeholders' efforts. Attempts to isolate issues or problems from any parties can ultimately only magnify their detrimental effects in the long term

© Copyright Creative Thinking Institute Pty Ltd. 2023 Terms and Conditions