Abstract

This paper builds a practical model that highlights how university developed innovations may be both generated and commercialized. Building on existing innovation models, the paper outlines the role of other actors in the system that are instrumental within the innovation process. Knowledge flows that can maximize technology transfer and allow serendipity to enhance productivity are indicated. The focus of the model is on regional universities that suffer from lower levels of funding, more junior researchers and a general lack of resources to facilitate the commercialization process relative to their major city counterparts. It reveals how the simultaneous generation of commercializable outcomes such as new products and spin-off companies, as well those of more importance to the universities, such as publications and degree completions can emerge from a process of creative problem solving, funded mainly by industry opportunities and facilitated from within the university campus. The role of NGO’s and community groups in ensuring that local community concerns are addressed is also built into the model. Regional Victoria within Australia is the basis for much of the discussion and practical application of the model.