Following a recent reorganisation of New Zealand’s science research institution structure, the government announced a mandated new pathway for commercialisation of publicly funded science and technology research, starting in 2026. Core funding for research has not increased however. So now is the perfect time to re-launch Genius ReFi our collaborative platform for researchers, investors, entrepreneurs and industry players. Genius ReFi is a new way to meet co-founders, test ideas, seek advice and secure investment for early stage science research based projects with commercial potential.
Although proudly New Zealand based, we are also open to working with researchers, funders and partners in a catchment spanning Europe – Middle East – Indo-Pacific. These regions are particularly exciting thanks to notable research clusters in renewable energy, life sciences, agritech, fintech, as well as developing AI infrastructure to support all of the above. We also find some of our inspiration in the tales of explorers from the 18th Century who pioneered trade across the region of the world.
New Zealand science and technology Minister, Dr Shane Reti says that a more consistent national approach to intellectual property management is needed in order to reward scientist inventors directly and open up new opportunities for commercialisation. For a small, cash-strapped economy that currently achieves about half the average OECD investment rate into research, science and technology (RS&T), this move can only be beneficial.
The new policy is partially, modelled on the University of Waterloo, Canada approach to commercialisation. Key aspects include that university researchers will have the first right to commercialise their inventions with the option of operating independently or working with their institution for support. University equity in spin-outs will be capped at around 5-10%, so inventors retain the majority of benefits, whilst incentivizing external capital investments. However, public research organisations outside of universities will retain first rights to market discoveries. If they choose not to pursue, researcher inventors may then proceed in their own capacity. The policy marks a substantial change in New Zealand government expectations around achieving a better economic return on publicly funded science.
There are one or two other fish hooks. Unlike the “Waterloo model”, New Zealand’s (new) model gives researchers a first right to commercialise, but not automatic ownership. This is open to negotiation of course. Also, where research or inventions draw upon multiple grants, different parts of the same project may sit under different IP regimes. Ownership can only transfer after disclosure, negotiation and classification. Additional complexity such as this will require careful thinking through by researchers. Would this give typically slow moving research institutions and universities an opportunity to hinder progress? In which case, nothing has really changed.
In a highly dynamic global economy, New Zealand cannot continue to rely on earning a living predominantly from exporting largely unprocessed primary commodities. To secure our future, we must move up the value chain and convert more of our research ideas into global enterprises. Innovation cycles are increasingly shorter so research organisations must act quickly on new knowledge, With geopolitical tensions, climate change and a pending energy crisis – this is more important than ever.
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Paul Spence is a commentator, researcher and a part-time university assistant lecturer in commerce and management. A previous co-founder of a successful New Zealand based global technology venture, co-founder and director of Creative Forest, principal at GeniusNet Research & GeniusReFi and a startup advisor. You can follow Paul on BlueSky @GeniusReFi or Twitter/X @GeniusNet