Businesses and researchers can now leverage the latest research and inventions by Australian universities and the CSIRO thanks to an online library dubbed Source IP.
The online initiative hosted by the federal government's IP Australia lists publicly-funded patents and inventions aimed at helping to connect businesses with researchers via a one-stop-digital platform.
The nation's business community can sift through thousands of research projects from 40 universities and government organisations, and will then be able to contact the scientists and makers behind the projects to discuss potential licences or collaboration.
More than 300 inventions were listed as available for licence on the site's launch.
"Australia's AU$9.7 billion annual public spending on research yields a research output that ranks us in the top eight in the world according to the 2015 World Economic Forum competitiveness rankings, yet Australia currently ranks 25th in its capacity for innovation and commercialising ideas," Assistant Minister for Innovation Wyatt Roy said.
"Source IP presents us with opportunities to bridge the gap between research and innovation by strengthening collaboration between publicly funded researchers and industry to drive innovation."
Roy said Source IP serves as a free single portal for information sharing, licensing preferences, and facilitating contact for intellectual property generated by the public research sector. He believes the initiative directly supports the aim of putting innovation at the heart of the country's economic agenda.
According to the assistant minister, the Commonwealth Bank of Australia, Telstra, Deloitte, Ernst and Young, and KPMG, along with industry bodies such as the Australian Chamber of Commerce and Industry, State Business Councils/Chambers, and the State Chief Scientists are also supporting Source IP.
Australia's universities host content on Source IP, along with the Commonwealth organisations ANSTO, CSIRO, DST Group, and DATA61.
Australia's Medical Research Institutes will also be contributing content as part of a second wave information release in December this year.
In September, the Department of Industry and Science in partnership with IP Australia released a toolkit for collaboration, which was intended for use by businesses, in particular small to medium enterprises (SMEs), public funded organisations, and individual researchers intending to undertake collaborative ventures.
The Australian IP Toolkit For Collaboration [PDF] outlines practices on how to increase the effectiveness of collaboration, strengthen relationships for ongoing collaboration, and tackle intellectual property.
"Businesses can benefit from collaboration through translating business needs, concepts, and ideas into fit-for-purpose products, processes, and services for improving market competitiveness and growth," the toolkit said. "They can also benefit from a raised company profile, and the potential for increased profit based on a competitive advantage."
Earlier this month, Prime Minister Malcolm Turnbull said before the year is through he would deliver an innovation statement containing a set of policies that focus on how Australia can attract and retain talent, as well as how the nation should support and encourage startups.
Turnbull said that as an open market economy in a much larger world, Australia must be more productive, more innovative, and more competitive.
"Across the board, we must acquire not just the skills but the culture of agility that enables us to make volatility our friend, bearing fresh opportunities -- not simply a foe brandishing threats," Turnbull said. "Reform should not be seen as a once in a decade or two convulsion, accompanied by a hyperbolic scare campaign; rather it should be seen as a change of political culture."