CSIRO-BCA report: Translating research innovation into commercial reality

Developed by CSIRO in partnership with the Business Council of Australia, the focus of ‘Unlocking the innovation potential of Australian companies’ is on translating research innovations into scaleable commercial outcomes.

The report, released in December 2021, covers around 40 questions across six key areas to help businesses learn about the habits of especially innovative firms.

It draws on interviews and case studies with executives at some of Australia’s largest and most innovative businesses, including Coles, Wesfarmers, Telstra, NAB, APA Group, Rio Tinto, Boeing and Google.

CSIRO Chief Executive Dr Larry Marshall said Australia’s world-class researchers can turbo-charge industry when the two collaborate on real-world solutions.

“Australia has the potential to lead the world in a few key markets by harnessing the power of science-driven innovation, using it to ‘build back better’ from the pandemic and embed resilience to future disruptions into their very DNA,” Dr Marshall said.

“Commercialisation is an engine that will drive us to a technology-led recovery, but innovation takes a team. To really deliver on a bold, technology-led recovery, we will need business and research driving together to win.”

BCA Chief Executive Jennifer Westacott AO said giving businesses the tools to enable them to innovate effectively and turn smart ideas into new jobs and industries will be key to securing our economic future.

“Whether it’s our world-beating miners, food producers or service exporters, Australian businesses are some of the most adaptive in the world, and our research institutions are globally respected,” Ms Westacott said.

“We can’t afford to be a nation that gives away our best ideas away to be scaled up and commercialised overseas.

“By drawing on business know-how and real-world examples, this is a how-to-guide for Australian businesses to position themselves and the country for the future.”

Download the report and the Business Innovation Matrix here.

Source: CSIRO and the Business Council of Australia arm business leaders for resilience I CSIRO media release, 8 Dec 2021