Finkel’s innovation solution: the answer is already out there

The feds are funding a forum on challenge-based innovation, as in “creating opportunities for business, research and government to work together to solve real-world problems.

Chief Scientist Alan Finkel suggested yesterday a solution is out there, the Small Business Innovation Research programme, created by the Reagan Administration and still going in the US

SBIR ticks boxes: it’s quick to approve, uses small amounts of existing R&D money, does not tie-up applicants in process and if an idea does not work, so be it.

“SBIR is regarded as a fundamental pillar of US and global innovation, it enjoys near-universal support, Dr Finkel says.

He should know, he had a small grant in 1986 ($160 000 in present dollars) for technology that ultimately sold for $140m.


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