Vince Cable’s keynote speech on Growth
I found some very interesting points in yesterday’s speech. The comment on the need to commercialise and translate invention in to commercial application was so well made in my opinion. What worries me is why is Britain relatively bad at this? Universities sit on masses of potential and that’s where it remains – as potential! Many of those individuals wanting to have a go at business with their IP often get the wrong advice – usually from someone that has never done it for themselves. Many of the wannabe academic entrepreneurs get so caught up in protecting their ideas, they forget that they have to create and sell something if they want to succeed in a commercial world.
If commercialisation is going to happen Mr Cable, you have to create the right culture within these institutions and get the right advisers who have the licence to advise. Research and entrepreneurial mindset don’t often go hand in hand. The biggest barrier to allowing enterprise to flourish is the very universities themselves – sort this out and the mind to market pipeline will become unblocked.