The value in providing funding to begin bridging the Valley of Death
Industry Development (BID) grants that are an example of targeted support that has a multiplier effect in the translation of university research to industry development in the local innovation ecosystem.
|Outcomes and impact of the case
The development of a critical mass of the types of companies supported through the BID program is an essential element of the innovation ecosystem. Capabilities and capacity developed in one organization can be transferred to others in the local ecosystem. This drives efficiency as well as providing an ability to retain high value human and physical infrastructure when the inevitable failures occur.
• Between 2012 and September 2016, 33 grants have been provided.
• Approximately a third of grants are awarded to facilitate the first steps in spinning technology out of publicly funded research institutions. The majority of grantee companies derive either intellectual property or expert capabilities and capacity from publicly funded research institutions.
• In 2015 grants facilitated the formation of seven new start-up companies.
• It is estimated that companies that have been recipients will collectively have created 177 new jobs and will have generated $123 million in additional revenue by 2019.
• Approximately 30% of grants have been awarded to Agriculture and Environmental project; 30% to medical device projects and 40% to bioscience and digital health projects.
Hospira, Bionomics, CPR Pharma and LBT (spin-outs from UofA, WCH, UniSA and IMVS respectively) are all examples of local companies translating and commercializing outcomes from publicly funded research. These companies all benefited from being able to hire appropriately qualified local people who had been with Faulding and Mayne. More recently Mayne has had the opportunity to fuel its next cycle of growth through the local availability of capabilities and capacity.