This transcript is for the video 'Source IP'.
Wi-Fi, the cervical cancer vaccine and the bionic ear all arose from the commercialisation of public research.
In Australia our public research sector is world class, so it seems hard to believe that Australia was ranked last out of 30 countries for the proportion of businesses collaborating with research institutions.
That's a problem, because it means our country is missing out on potentially ground-breaking opportunities.
In response to this IP Australia is improving collaboration between public research institutions and business through the development of a one stop digital marketplace, SourceIP.
SourceIP aims to help Australian businesses access information about the types of innovation and technology that are being generated by Australia's public research sector.
Why spend money on R&D if someone else has already started the research process?
SourceIP aims to drive innovation by bringing business and publicly funded research to the table.
It's about providing a single source of information that may lead to connections which in turn could produce a commercial outcome.
It's about being open for business.
SourceIP is launching in November.
Find out more on our website.