The Australian Government's allocation of $1 billion towards research funding will assist to offset the loss of revenue from international students, but universities must also experiment with more sustainable revenue models.
Stoic Venture Capital Partner Dr Geoff Waring said while the $1B will boost the flow of innovative technology, the government's additional $5.8M commitment to the translation and commercialisation of university research could help pave stronger links between universities and industry to convert the innovations into growth companies and jobs.
Dr Waring said the long term returns from these university-initiated technology companies will assist universities to reduce their reliance on international student fees and increase their role in economic development of the surrounding communities.
"The connections between universities and industry through commercial partnerships ensure research priorities are aligned to solving the most painful unmet needs in our society," Dr Waring said.
"Startups from university research are the wellspring of innovation in our economy, with new products and services that can change the health, lifestyle and wellbeing outcomes for millions of people around the world."
Dr Waring said universities also needed to experiment with more sustainable and profitable alternative revenue structures.
"The Business Innovation and Investment visa Program provides an important source of funding for venture capital targeted at developing university research," he said.
"This helps our university research translate into new startups that are developing critical new drugs, devices, vaccines and other unique and sophisticated innovations."
About Stoic Venture Capital
Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. We are unconditionally registered as an Early Stage Venture Capital Limited Partnership (ESVCLP). We take a collaborative approach to investing in the highest potential companies.
