Eight of the top universities in Australia and the University of Auckland in New Zealand are to receive funding from a UK based intellectual property group in the sum of $200 million.
Funding will be shared amongst the universities over the next decade and is predominantly available to researchers who dream of converting their ideas into reality by setting up their own businesses and companies.
The Guardian reported last week that Peter Grant, managing director of IP Group has explained how the funding will work; "each of the nine universities will have a commercial arm to them. They will receive ideas and inventions from their staff. [After that] they discuss it with us and we would help work those ideas up into potentially investable businesses".
The intellectual property in projects will vest with the IP Group until a time when a company gets to a certain size, at which point it will be transferred to that company. The aim of this is to help see businesses reach a stage where they are successful and to also help ease the minds of those who are nervous about the risks in setting up business.
However, the group of universities have explained that the funding should not mean that the government should not be expected to contribute to innovation and creativity and universities have highlighted that they still very much require, and rely on, ongoing funding from the government.
According to the Guardian, the vice-chancellor of the University of Queensland, Prof Peter Høj explained "The royalties from commercialisation allow us to employ a lot of people at the University of Queensland who would otherwise not be there".
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