Sydney, March 27: New data reveals a significant belief among business leaders that investing in science can effectively address organizational challenges over the next five years.
However, a concerning one in four Australian businesses currently do not allocate resources to research and development (R&D).
In response, UNSW Science has launched the Pact for Impact, marking an Australian-first initiative aimed at transforming how businesses collaborate with the scientific community.
This pioneering commitment by the University of New South Wales’ Faculty of Science aims to quantify the real-world impact of scientific research and development, ensuring Australia’s continued leadership in innovation and technology while fortifying the future of scientific endeavors.
Recent research commissioned by UNSW Science highlights that a substantial majority of Australian business leaders recognize the role of science in achieving business objectives.
Despite this, many businesses invest less than seven percent of their annual turnover into R&D, with a significant proportion abstaining from science investment altogether.
Viewed by some as a luxury, investing in research is deemed essential by three in five business leaders who express willingness to invest if financial constraints were alleviated.
The Pact for Impact initiative seeks to enhance collaboration between the business sector and the scientific community, facilitating future partnerships and investments to drive broader societal impact.
Dean of UNSW Science, Scientia Professor Sven Rogge, emphasizes the critical importance of businesses aligning with science to maximize their impact.
He underscores the imperative demonstrated by the pandemic, showcasing that investment in science is not just advantageous for businesses but also pivotal for societal and economic well-being.
To address the challenges of defining and measuring impact, UNSW Science has developed “Impact Indicators” to assess the tangible effects of scientific endeavors on the economy, society, and the environment.
The initiative aims to engage various sectors, spanning manufacturing, health, finance, and energy, urging them to commit and invest in science for both business and societal advancement.
Jan Janssen, Chief Technical Officer at Cochlear, exemplifies the commitment to leveraging science for impact by endorsing the Pact for Impact.
Highlighting the longstanding collaboration between Cochlear and UNSW, Janssen emphasizes how joint efforts have not only advanced hearing science but also enhanced the lives of countless individuals worldwide.
Acknowledging the prolonged process of translating scientific discoveries into commercial products, Janssen underscores the significance of collaboration across academia, industry, and government to drive tangible societal, economic, and environmental benefits.
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