Despite Australia’s world class ranking in research output, studies indicate that the nation has fallen behind in commercialising innovation and ideas.
In order to bridge this gap, IP Australia, the Government office responsible for the administration of patents, trade marks and designs, has recently launched a new initiative called Source IP in an effort to strengthen collaboration between the research and business sectors.
What is Source IP?
Source IP is a digital marketplace where businesses can access details of patents filed by a range of Australian public research institutions.
At present the website features patents of 40 universities, Commonwealth organisations such as the CSIRO and the Australian Nuclear Science and Technology Organisation, with other bodies to contribute to the platform in the coming months.
The purpose of the website is to enable Australian businesses, especially small businesses, to easily connect with public research organisations and learn about and access the IP generated by such organisations. It does this in the following ways:
- First, holders of IP rights can indicate their licensing intention and promote their areas of specialisation through the single Source IP platform. This exposes businesses to licensing or other opportunities for collaboration which exist between the private and public sectors.
- Second, and more importantly, Source IP facilitates the development of such collaborations. Interested parties can easily search for and locate licensable patents and through the service make direct contact with an IP holder to discuss partnership opportunities.
Source IP can also serve as a valuable networking tool, particularly for start-ups. Given that the website provides access to new technology and innovations, it empowers businesses to seek the expertise of these institutions and for knowledge to be exchanged.
Other opportunities that may emerge from businesses interacting with the Source IP platform include:
- Potential reduction in research and development costs;
- Expert assistance in the development and commercialisation of new inventions and innovations; and
- Access to an online reference tool which promotes quick and easy connections between industry and the public research sector.
Note: This update is a guide only and is not intended to constitute legal advice.