Victoria gets 18.4:1 ROI from innovation fellows

29 April

Before the announcement of the 24th innovation fellow, veski chair Professor Ian Smith outlined key findings from a recent report into veski which revealed an 18.4 to 1 return on investment for Victorians from the innovation fellowships program.

The veski chair also shared some key benefits from the program including reduced healthcare costs, industry partnerships savings and gains, knowledge of disease and increased revenue.

Most significantly, the report drew out that continued investment in veski would result in continued development of high calibre networks, continuation of veski’s leadership reputation in the research sector, and its collaboration links with hosts and industry bodies.

The report, prepared by SPP, investigated the fellows who preceded the announcement on 28 April 2016 and found numerous direct and indirect benefits; benefits to the state, to government, to host organisations and to the fellows themselves.

While many are benefits veski was already aware, others take a much deeper look into the benefits to society more broadly.

The overwhelming benefits are focused on the economic value our innovation fellows deliver to the state; to date they have delivered an 18.4 to 1 economic return on the initial investments. 

In terms of research funding alone, our active innovation fellows have secured more than $68 million in research income to date, and there is no sign of this return on investment letting up with data from the report suggesting we can expect an ongoing rate of return of $1.2 million per fellow per year.

In addition to the top level economic value the veski innovation fellows deliver, they have also helped:

  • increase jobs in research with more than 50 new positions created, more than 60 HDR students engaged and more than 30 undergraduate students mentored.
  • encourage additional investment from their host organisations
  • continue to grow their research income.

An assessment of five case studies of veski innovation fellows identified a research impact valued at $257.7m with considerable economic benefits with:

  • $141.4 million in reduced cost of care in Australia & globally
  • $46.9 million in cost savings for industry partners
  • $46.7 million in productivity gains on a global stage
  • Improved knowledge of diseases
  • $6.4 million income through partnership and collaboration
  • And $16.2 million in licensing revenues.

Professor Smith said, “veski is proud to be making an impact on some of the grand challenges facing society from an ageing population to the global spread of dangerous diseases”.

“Looking to the future, the core of veski's strategy is to continue activities that have already delivered solid results and add an expanded program of fellowships and activities that support the Victorian State Government’s vision for innovation, future industries, and a stronger entrepreneurial economy,” he added.

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