An industry career move can give researchers new ways to apply expertise developed at university. For academics considering transitioning from academia to industry, commercialising research is one possible route alongside joining an established company. Understanding those options early can open industry opportunities for PhD graduates.
Key Takeaways
Researchers considering leaving academia now have more options to transition their work into industry, including licensing intellectual property or forming spinout companies.
- Researchers can move into industry by either licensing their existing university intellectual property to an established company or by creating a university spinout company focused on their research.
- The decision between licensing and forming a spinout depends on the researcher’s desired level of involvement, with licensing allowing for less direct company-building responsibility.
- Successful transitions require researchers to develop a commercial mindset, consider practical applications and user needs, and potentially build founding teams with business expertise, often aided by internships and networking.
Commercialising university research
Researchers who develop valuable technology or intellectual property may have different routes for bringing it into commercial use. Licensing allows an existing company to use university intellectual property under an agreement, while a university spinout creates a separate company around research or technology developed within the institution.
Choosing between licensing and a spinout depends partly on how involved a researcher wants to become. Licensing can place commercial development in the hands of an established business, whereas creating a spinout can require academics to take a much more active role in building a company.
That makes understanding personal strengths important when transitioning from academia to industry. Researchers can consider which parts of academic work they enjoy and whether those skills suit an existing business or a new venture.
Preparing for industry
Starting a spinout also requires capabilities beyond academic research. Building a founding team can bring together scientific knowledge with the commercial experience needed to develop research into something customers can use. One potential academic founder mistake is approaching commercial work entirely through an academic mindset. Researchers need to consider practical applications and the needs of people or organisations that could eventually use their work.
Internships and stronger links between universities and companies can expose researchers to more industry opportunities for PhD graduates. Speaking with people who have already made an industry career move can also provide practical insight.
These networking strategies for PhD graduates can help researchers understand different commercial paths before committing to one. Greater exposure to industry can ultimately make it easier to decide between employment, licensing research or helping build a university spinout.
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