Commercialising research innovation through spinout ventures

Institutions around the world are gradually shifting from focusing exclusively on academic and research excellence to turning research breakthroughs into commercial ventures.

While many start-ups display consistent growth, some fail due to a lack of market uptake. Universities that foster a culture of research incubation and entrepreneurship can provide a more robust route to market for these ventures. As Malaysia seeks to emerge as a regional start-up hub by 2025, two universities are endeavouring to strengthen support for innovation and commercialisation within the higher education sector. At different stages of maturity, Taylor’s University in Malaysia and the University of Bristol in the UK have expanded their roles as centres of academic research and teaching to also include entrepreneurship and innovation. 

Taylor’s University’s journey into research commercialisation began in 2017 after it recognised the need for a fundamental shift in institutional culture to embrace the potential for technology and knowledge transfer. It established a new office for innovation and commercialisation to introduce policies and frameworks for promoting an entrepreneurial mindset among faculty members and researchers. 

Mohd Roydean bin Osman, vice-president of innovation and commercialisation at Taylor’s University, says that while research commercialisation is new to some of its researchers, the university is committed to cultivating a culture in which research can be impactful not only in advancing knowledge but also in solving real-world issues through viable commercial opportunities. 

“While we strive to instil an entrepreneurial mindset in our faculty and students, we understand this transition can be challenging,” says Osman. Many researchers are used to publishing papers rather than developing commercial products. To bridge this gap, Taylor’s University is raising awareness of commercialisation opportunities and providing support for applied research, he adds. 

 

The University of Bristol is a frontrunner in promoting entrepreneurship in the UK. It has supported 75 spin-out companies with a collective enterprise value exceeding £1 billion. Its approach to research commercialisation reflects a broader national initiative and strengthens the university’s position as a pioneer in embracing the third mission of promoting innovation and entrepreneurship to complement universities’ traditional roles of research and teaching.

In 2022, the university launched Bristol Innovations, a virtual network that serves as a centralised platform to coordinate the university’s commercialisation activities and facilitate collaboration between businesses, investors and researchers. Simon Bond, director of Bristol Innovations, explains that the institution’s infrastructure has grown exponentially to include incubators for students and faculty alongside industry partners in cutting-edge fields such as quantum technology and cybersecurity. 

A common thread between Taylor’s University and the University of Bristol is maintaining a balance between local impact and global relevance. Bond underscores the need for the University of Bristol to remain vital to its local community while also contributing to global innovation.

Osman echoes Bond’s point, highlighting how Malaysia is taking considerable strides to position itself as a global innovation hub. In 2022, Malaysia’s Ministry of Science, Technology and Innovation launched five national technology roadmaps focusing on AI, blockchain, robotics and advanced materials. “These initiatives are meant to align our universities with global industry needs,” Osman says. Although these institutions have different resources, ecosystems and approaches, they are aligned on having a mutual vision for driving innovation and economic growth through open collaboration, entrepreneurial spirit and a focus on real-world impact.

Find out more about the University of Bristol’s Open for Business podcast.