KUALA LUMPUR: Two universities have taken on a serious role to bolster support for innovation and commercialisation in the higher education sector.
At different stages of maturity, 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.
While 30 per cent 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.
Taylor's University's journey into the world of commercialisation began in 2017.
It set up a new office and introduced policies and frameworks to encourage applied research and an entrepreneurial mindset among faculty members.
Royden Osman, vice president of innovation and commercialisation at Taylor's University, said 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.
"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," Osman said.
To bridge the gap, Taylor's University is raising awareness of commercialisation opportunities and providing support for applied research.
Meanwhile, the University of Bristol has been a frontrunner in entrepreneurship.
It has supported 75 spin-out companies with a collective enterprise value exceeding £1 billion (RM5.7 billion).
Its approach reflects a broader UK initiative that began over two decades ago.
Simon Bond, from the University of Bristol, said the institution's infrastructure has grown exponentially to include incubators for students and faculty.
This is in addition to 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.
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.
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.
"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," he said.