Commercialisation Landscape

Innovation is the successful implementation of a novel idea to create something of value to the marketplace. It entails both invention and commercialisation, the creation of an idea and its successful application in use. At its simplest, "commercialisation" is the transformation of an idea into an outcome that produces economic, social, or environmental benefits.

Commercialisation is most often perceived to be the pursuit of profit. However, achieving sustainable social or environmental value often requires following exactly the same business and market processes. For example, innovation with clean technologies can produce lasting environmental benefits while the commercialisation of new drugs and medical devices can achieve positive social and community benefits. Commercialisation requires the application and use of knowledge by real customers so that value is realised, and this means that common steps must be followed whether the intended benefit is economic, social, or environmental.

The AIC’s mission is to work with Australian industry, research organisations, and governments to ultimately create high value jobs, exports, and wealth by taking innovative ideas to market. Sustaining the recent high level of GDP growth in Australia will require genuine expansion of the economy, not just improving the efficiency of current practices. As a mature economy, this growth is best sought through our ability to translate new technologies and innovative ideas into commercial opportunities.

The IMD World Competitiveness Yearbook 2008 indicated greater effort was required by Australia in areas such as innovation and commercialisation if the country was to maintain its strong current competitive ranking. Australia's competitiveness ranking has slipped from fourth in 2004 to seventh in 2008. Our performance in innovation is even worse, by many measures.

The activities of the AIC are directed at fostering the necessary skills and cultural climate conducive to the innovation and commercialisation of Australia's recognised world-class research, and providing services to help small businesses and entrepreneurs to tap into this and other sources of knowledge to improve their performance. We also work with governments so their own intellectual property can be recognised and reach broader markets, and to provide appropriate policy advice. Our goal is to enhance Australia’s future economic prosperity, environment and lifestyle by improving our national ability to take innovative ideas to market.