Commercialising University Innovation with the Spinout Business

• Universities are moving beyond their traditional roles of research and teaching – integrating innovation and commercialisation into a ‘third core mission’ essential for delivering solutions to global, societal challenges
• Two institutions are leading by example, shifting from a culture of delivering research excellence to weaving in entrepreneurialism by way of providing a robust route to market for startups.

Kuala Lumpur, Malaysia, 2 December 2024 – As Malaysia sets its sights to emerge as a regional start-up hub by 2025, two universities have taken on a serious role in strengthening support for innovation and commercialisation within the higher education sector. At different stages of maturity, both Taylor’s University and the UK’s University of Bristol have expanded the traditional role of universities as places of academic research and teaching, to those that also nurture entrepreneurship and empower innovation. 

Whilst 30% of Malaysian start-ups display consistent growth, many fail due to lack of market need. Universities can provide a more robust route to market and accelerate a culture of research incubation and support for entrepreneurs.

University Innovation

Taylor’s journey into the world of commercialisation began in 2017, recognising the need for a fundamental shift in institutional culture, and an ambition to embrace the potential for a technology transfer and commercialisation of knowledge. This led to the establishment of a new office and introduction of policies and frameworks to encourage applied research and an entrepreneurial mindset among faculty members, who had traditionally been driven by academic excellence. 

Royden Osman, the Vice President of Innovation and Commercialisation at Taylor’s University, indicates that while applied research is something new to its researchers, the university is committed to cultivating a culture in which research finds its place in a meaningful way – that is not only advancing knowledge but also resolving real-world issues through the production of viable commercialisation opportunities. 

“While we strive to instil an entrepreneurial mindset in our faculty and within our students, we understand this transition can be challenging. Many researchers are more used to publishing papers than developing commercial products,” says Osman. “To bridge this gap, Taylor’s University is raising awareness of commercialisation opportunities and providing support for applied research. We are still early in this journey, but with the right partnerships and a commitment to innovation, we believe Taylor’s University can grow into a significant player internationally,” he adds. 

Meanwhile, the University of Bristol has been a frontrunner in entrepreneurship. To-date it has supported 75 spin-out companies with a collective enterprise value exceeding £1 billion (MYR 5.7 billion). Its approach reflects a broader UK initiative that began over two decades ago, seeing it establish a position as a pioneer and visionary in embracing the ‘third mission’ of contributing to innovation and entrepreneurship in a way that complements its traditional roles of research and teaching.

University of Bristol

Simon Bond, from the University of Bristol, explains that the institution’s infrastructure has grown exponentially to include incubators for students and faculty, alongside partnerships with industry in cutting-edge fields such as quantum technology and cybersecurity. This culminated in the introduction of Bristol Innovations in 2022, with Bond its Director. Bristol Innovations now serves as a centralised platform to coordinate the university’s commercialisation activities, and facilitate collaboration between businesses, investors, and academics.

“The entrepreneurial DNA is also woven into every level of the university education offering,” says Bond. “We are aware that not every student or academic will end up as an entrepreneur, but the critical skills relevant to entrepreneurial thinking, like understanding customer needs and solving real-world problems, will prove invaluable in any career.”

A common thread between Taylor’s University and the University of Bristol is maintaining  the fine balance between local impact and global relevance. According to Bond, it is crucial for the University to remain connected to its local community while contributing to global innovation. “We need to develop viable solutions to diverse challenges locally, nationally, and also internationally. The university’s success in attracting global talent and investment while maintaining its regional impact illustrates how we are navigating this complex dynamic,” he shares. 

Global innovation hub

Osman is aligned to Bond’s sentiment, highlighting how Malaysia is taking considerable strides to position itself as a global innovation hub in order to compete with neighbouring countries. “The Ministry of Science, Technology, and Innovation recently launched five national technology roadmaps focusing on Artificial Intelligence, blockchain, robotics, and advanced materials,” says Osman. “These initiatives are meant to align our local universities with global industry needs and attract international expertise, especially as local talents in some of these advanced fields are still being developed.” Osman notes that Taylor’s University has already benefited from international expertise as its current and previous Vice Chancellors both hail from the UK reflecting the historical ties between Malaysia and the UK.

Both institutions with different resources, ecosystems and approaches, are aligned when  it comes to a mutual vision of engineering innovation and economic growth through open collaboration, entrepreneurial spirit, and a focus on real-world impact – all of which shall shape the future of higher education and make a difference to the global innovation landscape.

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