Our Future Depends On Intellectual Property

Fisher Adams Kelly Managing Partner, Mark Horsburgh was today featured in The Australian Financial Review (page 28), offering an expert opinion on the opportunities and challenges facing Australian innovation. A summary of Mark’s opinion follows.

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The recent change in leadership of the Department of Innovation, Industry, Science and Research has highlighted the need for foresight in considering a long term strategy for Australia’s intellectual property – one that will offer sustained opportunities for commercial growth, supporting the economy long after the mining industry has fallen into decline and our rich resources have been depleted.

Through intelligent planning and an ongoing effort from the Department to foster an ‘innovation culture’ ,  intellectual property could be the ‘next big thing’ for the Australian economy in the future. This planning would need to consider the management and commercialisation of IP to fully capitalise on the opportunities in a knowledge economy.

This planning should include:

1. The development of a national IP strategy.
2. Acceptance of the financial investment required to fully exploit innovation. This would include bolstering current funding programs like Commercialisation Australia. While the R&D tax credits scheme is a step in the right direction, commercialisation of new ideas needs to be properly addressed.
3. A commitment to collaboration between businesses, research organisations and the government, to drive innovation.

To prevent Australia’s innovation from falling behind, it’s essential that governmental policy evolves in line with domestic and global economic trends – and there are fewer opportune times to breathe new life into a department than on the heels of a change in leadership. While these improvements may present challenges in the moment, they will be invaluable in contributing to the future strength of our economy.