Commercialisation of Research in Institutions of Higher Education: A Transformation Process

Abstract

Higher Education Institutions need to address transformation, particularly looking at reducing graduate unemployment and improving their third-stream income. One of the strategies to achieve these transformational goals is to commercialise research produced by these institutions. Hence, this paper aims to explore ways in which institutions can incorporate the commercialisation of research concepts to have an impact on their output. The exploration process employs a qualitative thematic literature review methodology. The paper focuses on how to dissect the commercialisation and entrepreneurship concept, harness intellectual property, form partnerships and collaborations, address transformational change and structural reform, benefits and challenges of commercialisation, among the ways to deal with the commercialisation of research. This study revealed that the commercialisation of research requires active participation from leadership, an understanding of the roles of all stakeholders involved, creating an enabling environment and having incentive programs for motivation. Challenges highlighted include financial constraints, particularly in developing countries, lack of awareness, unclear policies, and tradeoff between publishing research papers and protecting intellectual property. It has been found that commercializing research can have meaningful outcomes in institutions and an enormous effect on the economy and society