Whilst there is no generally agreed definition of research translation, the Australian Council of Learned Academies (ACOLA) defines research translation as ‘a process through which knowledge is used or applied to achieve outcomes’. It then defines ‘Research commercialisation’ as a part of research translation, that implies specific realisation of revenue from knowledge or research findings arising from them being incorporated in new products or services.
Australia is home to world class research. Australian universities undertake 87 per cent of the nation’s basic research, which creates new knowledge and ideas that can be translated into economic, social and environmental benefits for all Australians. All fields of research can potentially contribute to this translation process. Visit #uniresearchchangeslives for examples of the range of benefits of research.
UA recently published research (2020) it commissioned Deloitte to undertake regarding the contribution that universities make to Australia’s economic and social prosperity. Key results from the modelling include:
- For every $1 invested in research,$5 is returned to the economy.
- For every one per cent increase in R&D, Australia’s productivity rises by 0.13% points
Universities also help to drive Australia’s economy through the creation of new business startups by enabling their graduates. Work between UA and Startup Muster confirms that more than four in five Australian startup founders are university graduates.