The value of research stems primarily from its ability to aid human progress, help
individuals and entities make informed decisions, solve real-world problems, and
advance sustainability endeavours through its findings. However, conducting and
publishing research is very different from finding a practical way of applying it to
real life. The gap between research and industry is often referred to as ‘the valley
of death’ where even the most brilliant researchers struggle to translate
promising findings into marketable products or services.
What is Research Commercialisation?
Research commercialisation is the bridging of this very gap. Bringing out the
commercial value of research is not a simple process; it requires dedication and
patience. While a researcher might be an expert on different advanced subject
matter within a field of study, they are not always in touch with industry
practices and the deterrents faced by the stakeholders in those industries.
Therefore, industry collaboration becomes a crucial element in the pursuit of
research commercialisation.
How Can Researchers Commercialise Their Research?
The first step is to safeguard the intellectual property of one’s research through
patents, copyrights, and trademarks. Once a researcher has ensured ownership,
more research – albeit a different kind – is needed: market and industry research.
The ultimate goal is to understand how research outputs can be transformed into
a product, a service, or a solution to a pre-existing issue. Depending on the type
of research conducted, results can often help streamline processes, advise policy
reforms, and more.
Though many might be able to close licensing agreements with already
established businesses, other researchers might be inclined to become
entrepreneurs themselves and start their own companies. With entrepreneurship
being an exciting yet challenging journey, the researcher has a lot of skills to
learn. Entrepreneurship programmes are one of the many ways researchers can
embark on this journey with a new set of skills, begin conducting feasibility
studies, and develop their marketing knowledge.
As researchers reinvent themselves as business professionals, most will find
funding to be another challenge, yet one that – with the right approach – is not
hard to overcome. Networking to find potential investors and applying to get
funding from different private or public agencies are a few ways to guarantee the
longevity of a business.
The Long and Winding Road – Is It Worth It?
The short answer is YES – commercialising research benefits everyone: the
researcher, their institution, and the community. First and foremost, it offers the
researcher and their research the recognition and visibility they deserve. It also
unlocks the societal and economic potential of research by enabling it to
permeate the markets and the industry. Socially, new business opportunities that
result from commercialising research create new jobs, reducing unemployment
and contributing to a healthier, more skilled, and more stable society.
Financially, the returns can vary greatly, from relatively modest profit margins to
millions of dollars in returns, depending on the industry, the research itself, the
type of licensing obtained, and so much more. The knowledge, connections,
networks, and skills cultivated on the commercialisation journey are accretive
and will lay the groundwork for similar future opportunities, making it easier to
generate more leads. In general, commercialising research has the potential to
advance science, support the research ecosystem, and enhance the reputations
of the institutions associated with the research being commercialised.
How KnE Learn Can Help:
The journey is long, and the skills required are many, but KnE Learn has
compounded all the knowledge required into one self-paced programme that can
easily train any researcher into becoming an entrepreneur and securing funding
to take their research to the next level.
The Research Commercialisation Knowledge Track is comprised of four, two-hour
courses which can be paused and resumed by the user according to their
preference and depending on their schedules.
Interested to Know More?
Becoming an Entrepreneurial Academic
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English
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Self-Paced - Online
- Course Duration: 2 Hours
- Course Dates: Flexible