Australian Catholic University and Breakthrough Victoria have signed a landmark co-investment partnership worth $14 million that will translate research into life-changing products and services.
Breakthrough Victoria will co-invest in promising ACU-based startups and research commercialisation projects, providing funds and strategic support to propel academic discoveries into market-ready innovations.
ACU researchers will benefit from opportunities to hone their entrepreneurial skills, helping turn their world-leading research into viable commercial ventures.
ACU Deputy Vice-Chancellor, Professor Abid Khan and Breakthrough Victoria CEO Rod Bristow signed the agreement at the university's Melbourne campus, at a ceremony attended by Breakthrough Victoria and ACU executives.
The partnership is part of Breakthrough Victoria's $100 million University Innovation Platform, which aims to commercialise critical research from Victorian universities.
Investment in startups at the earliest stages helps fund product concepts, prototypes and trials to make sure research with strong commercial potential makes it to market.
Professor Khan said the co-investment partnership would help researchers create innovative solutions to the biggest challenges facing society.
"This partnership will ensure that ACU's pioneering research in healthcare, sports science, aged care and education will help transform lives and create real-world impact, with a focus on the care economy," he said.
"As a mission-led university, ACU's human-centred problem-solving and innovation is what sets us apart from other universities.
"This partnership will create a pipeline of exciting research that is translated into products and services that improve lives and benefit society."
Breakthrough Victoria CEO Rod Bristow said he was delighted to welcome ACU to the University Innovation Platform.
"By supporting ACU researchers at the earliest stages, we are ensuring that innovation, ideas and entrepreneurs bring breakthrough technologies to market that will help transform people's lives."
ACU recently established an Enterprise Clinic to create a pipeline of mission-aligned research projects.
ACU Dean of Industry and Innovation Professor Myriam Amielh said the partnership with Breakthrough Victoria would allow the ACU, as a leading university in human flourishing, to translate its vital healthcare and education research into thriving social enterprises which address the needs of humanity.
"ACU's two campuses in Victoria have more than 11,000 students and are home to advanced health research in sports science, metabolic diseases, nutrition, biomechanics and neurophysiology," Professor Amielh said.
"As a Catholic university, our focus is on enabling flourishing lives, fostering thriving communities and forging an ethical future."
