How do you turn ideas into money? That is a question Wales has been asking for years, but we are not the only ones. In Scotland, Singapore and South Africa the same debate is being held.
The usual formula is simple: companies need new ideas to develop products, beat their competitors and increase sales. Universities have ideas. So ask them.
The proof is equally straightforward: universities and companies work together in Silicon Valley, home to some of the most exciting, innovative companies in the world. Case closed.
There’s a problem, though. Everybody wants to copy Silicon Valley. It’s not going to happen everywhere.
If we are serious about using academia to create wealth, we have to look at the system as it is in Wales, not 6,000 miles away. That local inquiry is what the authors of the Gibson report on commercialisation started a couple of years ago.
Academics, like most people, will do what they are paid to. At the moment, they are paid to conduct and publish research that adds to the sum of human knowledge, and teach. So that is what they tend to do.
Here is an alternative scenario: What if Welsh universities were rewarded, not for the ideas they generate, but for their ability to turn those ideas into commercial reality? Such a system would become self-funding after a while, because commercially successful ideas by definition generate funds.
Of course, some fundamental research will never generate returns. So how about a dual funding system with commercial incentives making up for the apparent funding gap between Wales and the rest of the UK?
In Insider this month, we have highlighted some of the most innovative technology companies in Wales, and many of them have academic roots or links. Almost all are run by university educated people.
But innovation is about more than technology, so we have tried to highlight examples of innovation wherever it appears – look out for the lightbulb logo. One thing is certain – it is the innovators that will thrive.
Douglas Friedli, editor
Also in: April 2009
-
Time for some fresh thinking
Inventing products can help Welsh companies and Wales itself to power ahead. The country is blessed with great ideas and people, but Douglas Friedli finds there are a few glitches to be ironed out.
-
Get it together
In the digital age, companies still need to meet and exchange ideas. In this year’s Network Wales report, Glyn Mon Hughes looks at what networking means now, and Insider lists some of the country’s top venues.