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What you need to know about the National Innovation and Science Agenda

How can innovation be turned into a commericially viable business?

Prime Minister Malcolm Turnbull and Minister for Industry, Innovation and Science Christopher Pyne have announced the much anticipated National Innovation and Science Agenda.

Importantly, it includes $200 million aimed at ensuring research can be translated into commercially viable businesses. 

Protecting ideas, or intellectual property, is a key part of establishing an innovative company. For many, this involves acquiring the right patent or trademark that provides adequate protection to foster business growth.

Innovation could boost economy

"There has never been a better time to start and grow a business from Australia."

Mr Turnbull emphasised the importance of ideas driving Australia's economy and the optimal position the country is in to do so.

"Although there are challenges, there has never been a better time to start and grow a business from Australia, which can now compete for customers located anywhere in the world," Mr Turnbull stated. 

Mr Turnbull continued to highlight the significance of trade agreements with China, Japan and Korea in increasing business opportunities in Asia. He also stated the important role that technology plays in developing innovative ideas into successful businesses and the importance of using online opportunities to foster growth.

"This is a century of ideas, this is a time when Australia's growth, when our living standards, when our incomes will be determined by the human capital, the intellectual capital that all of us have," Mr Turnbull added.

A key part of the agenda is a $200 million funding package for the Commonwealth Scientific and Industrial Research Organisation (CSIRO).

Innovation has a key role to play in boosting the economy.
Innovation has a key role to play in boosting the economy.

Enhancing the commercialisation of research

CSIRO's funding includes $70 million over the next decade toward an innovation fund designed to bring science-based ideas to the market, as announced by the organisation. 

"Having a fund focused and administered close to the sources of invention and research is ideal for generating the innovation Australia needs," CSIRO Chief Executive Dr Larry Marshall explained.

"The fund will bring intense focus to high growth potential opportunities and at the pace that markets demand."

CSIRO asserts that this will facilitate the translation of research into commercially viable solutions. Of course, this will also involve the right design protection measures, such as an innovation patent application.

By fostering innovation, Australia's economy can remain competitive. However, innovation needs to be supported with the right mechanism in order to ensure science and research can be developed into successful businesses. Moreover, to register a patent in Australia can be complex without the right advice.

Understandably, navigating the nuances of Australia's intellectual property law is not always easy. To simplify the process, contact the lawyers at Alder IP, who can help you understand how intellectual property protection can help your business.