TLDR:
- Australia’s research sector is highly innovative but struggles with converting research into commercial products.
- Breakthrough Victoria (BV) is crucial for bridging the gap between research and commercialization for science startups.
Australia has a strong research sector that produces innovative solutions to global challenges, but struggles to convert this research into valuable products. This has resulted in a low economic complexity ranking compared to other leading economies. Breakthrough Victoria (BV) aims to support the commercialization of science startups by fostering collaboration between research and business sectors. BV’s role is critical in navigating the chasm between grant funding and commercial investment for startups emerging from university research. However, BV faces governance challenges and the need to balance public sector responsibilities with commercial objectives. Collaborations between industry, academia, and government are essential for leveraging research to enhance Australia’s global competitiveness. The success of BV is vital in turning around Australia’s complexity deficit and securing the nation’s economic future.
