Deakin University has joined a new investment partnership with Breakthrough Victoria to help move life changing research out of the lab and into the market.
Deakin will contribute $9 million, which will be matched by Breakthrough Victoria to create new partnership agreements to drive commercialisation of the university’s research.
Each partnership will invest in startup companies spun out of Deakin research, with typical pre-seed investments of around $500,000 each.
Investment in startups at this critical early stage will help fund product concepts, prototypes and trials to help ensure research with strong commercial potential does not succumb to the valley of death.
Researchers and academics will also receive support to better identify and translate ideas into commercial opportunities and improve their entrepreneurial capability.
The partnerships are being established under the $100 million Breakthrough Victoria – University Innovation Platform, which aims to increase commercialisation of critical research with real-world benefits from Victorian universities.
Deakin is one of six Victorian universities to join the program, alongside La Trobe, Monash, RMIT and Swinburne universities, as well as the University of Melbourne.
From left: Alfred Deakin Professor Matthew Clarke, Deakin University Acting Deputy Vice-Chancellor Research; Grant Dooley CEO, Breakthrough Victoria; Dr Werner van der Merwe, Swinburne University Vice-President, Innovation and Enterprise; Professor Susan Dodds, La Trobe University Senior Deputy Vice-Chancellor (Research and Industry Engagement); The Hon. Ben Carroll, Minister for Industry and Innovation Victoria; Dr Olga Hogan, Breakthrough Victoria; Professor Doron Ben-Meir, Monash University Deputy Vice-Chancellor, Enterprise and Engagement; Professor Calum Drummond AO, RMIT Deputy Vice-Chancellor Research and Innovation and Vice-President.
Deakin University Acting Deputy Vice-Chancellor Research, Alfred Deakin Professor Matthew Clark said the program would support Deakin’s overarching aim to be Australia’s most progressive university.
'We are known as creators and innovators, developing new ideas through exploration and testing, and translating and applying them to develop practical and effective solutions for major global challenges,' Professor Clarke said.
'This co-investment partnership with Breakthrough Victoria will help accelerate the translation of discoveries and ideas into new products and services via strengthened and streamlined pathways, including for commercialisation.
'We’re committed to nurturing start-ups, creating jobs and driving economic development in Victoria.'
Deakin’s ManuFutures has helped to create over $1 Billion in company value, hosting over 500 student placements and creating over 120 direct new jobs.
Victoria’s Minister for Industry and Innovation Ben Carroll launched the new Breakthrough Victoria partnership this week at the opening of the Global Entrepreneurship Conference in Melbourne.
'We are backing the translation of unique research and development from our world class universities into commercial opportunities locally and globally. This partnership between Victorian universities and Breakthrough Victoria will ensure our brightest ideas grow locally,' Minister Carroll said.
The Hon. Ben Carroll, Minister for Industry and Innovation Victoria
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