Commercialising academic research

Abstract

Universities are moving beyond their traditional roles of education and knowledge generation, and have started engaging in the commercialisation of academic research. The commercialisation of research findings and academic innovation is hindered by a number of limitations which have not been investigated locally. Thus, the present study aimed to identify how the current procedures adopted by the University of Malta in the commercialisation of research and innovation can be amended to make the process more seamless. This was achieved through the identification of the facilitators and barriers in the commercialisation of research and innovation at the University of Malta, and to make recommendations of how commercialisation can be facilitated. A quantitative cross-sectional methodological approach was adopted. Data was collected using online questionnaires which were distributed to academics within the Faculty of Engineering at the University of Malta. A total of 17 academics responded to this survey. The findings suggest that lack of funding is the main barrier hindering the commercialisation of academic research. This barrier is heightened by the: unwillingness of the investing companies to cover the full costs of commercialisation; and, the inability of UM to secure these funds despite their availability. Other barriers include organisational culture which still favours publications over commercialisation, lack of institutional support, lack of human resources and inadequate marketing strategies. Moreover, the facilitators suggested by the findings are organisational support, industry collaborations, and possessing the necessary commercialisation skills. These facilitators give academics engaging in commercialisation activity the necessary tools, support, knowledge and funding to increase commercialisation success. Recommendations based on these results included centralisation and an increase in human resources of RSSD, PSO, RIDT and CR&KTO; rewarding commercialisation, government support in funding commercialisation of academic research and, education and training to UM staff and students.