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IP Group, whose mission is to evolve great ideas into world-changing businesses, welcomes the Federal Government’s 2020 Budget initiatives designed to boost Australian university research and accelerate translation and commercialisation.

The Managing Director of IP Group Australia, Michael Molinari, said the Government’s decision to increase R&D funding for universities by $1 billion was a much-welcomed recognition by Canberra of the pivotal role played by Australian universities in the innovation economy.

Dr Molinari said IP Group would continue to work with its university partners across the Group of Eight to commercialise research that would emerge from the additional funding as part of its commitment to invest $200M over 10 years.

“As we start to return the economy to growth, we need to focus not just on measures and investments that will deliver jobs in the near term, but on measures that lay the foundations for the future industries that will drive Australian jobs and prosperity over the medium to long term,” he said.

“The COVID-19 pandemic has illustrated the importance of science and technology in particular, but research more generally, in tackling not only the virus itself but its many social and economic repercussions.

“The additional funding in the Budget will provide welcome support for our universities, which are among the best in the world when it comes to R&D and their ability to commercialise that research, with the help of companies like IP Group.”

“We look forward to working closely with our Group of Eight partners.”

Media inquiries: Lucy Wigney (Cannings Strategic Communications ) +61 2 8284 9923