2. Recognising science’s commercial potential

Academic research has long been a source of groundbreaking inventions, yet transitioning from discovery to commercial success presents unique hurdles. One of the primary difficulties lies in the ability to recognise the commercial potential embedded within academic findings.

Lack of early market signals: Most research labs simply lack the capacity to engage in detailed market analysis, meaning many valuable findings may go unrecognized due to the gap in assessing commercial potential accurately. In addition, academic discoveries often arise before a specific demand or market need has even emerged, making it difficult to project how relevant these findings may become. GPS technology, for example, began as a military project with no consumer application in mind. It took years before the potential for personal navigation systems, logistics, and location-based services became evident, leading to a massive consumer market. This lack of early market signals is common for academic research, making it challenging for researchers and industry alike to identify discoveries that could eventually drive major industries. Lack of Prototyping and Proof-of-Concept Development: Unlike in industry-led R&D, academia rarely has the resources to develop fully realized prototypes. Research often stops at theoretical insights or proof of principle, leaving it up to industry to determine whether these ideas can be made into functional products. This limitation can prevent promising research from gaining the visibility it deserves, as investors and industry partners often expect to see proof of concept or a working prototype. Without tangible demonstrations of application, even groundbreaking ideas may seem impractical from a commercial perspective. For instance, early discoveries in the field of nanotechnology were initially too abstract for clear applications, leaving many in industry uncertain of how to harness them. Only as specific applications, like drug delivery and semiconductor manufacturing, gradually emerged, did nanotechnology’s commercial potential become clearer. Until the pathway from discovery to application is discernible, commercialising academic research remains highly speculative.

Missed funding and investment opportunities: When the commercial potential of research goes unrecognized, so does the chance to secure funding from investors seeking a return justifying the risks and without this, society will definitely miss the improvement. For instance, antibiotic development could attract substantial industry investment given the public health need, yet challenges in presenting a clear path to market often deter investors.

In summary, the process of identifying commercial potential within academic research is riddled with unique challenges, from early-stage uncertainty to limited resources for prototyping. These hurdles highlight the need for skills to bridge between academia and industry, where collaboration and market insight can help surface valuable discoveries and open doors to societal impact and economic growth.