Getting Value From R&D

New knowledge has no economic value unless it can be applied, or æcapturedÆ, as the R&D jargon has it. Australia probably spends more than $500 m per year on mineral industry R&D, distributed amongst the mining companies (IR&D Board, 1997), CSIRO, the universities and others. The investors in this research (industry, and the community via government) will expect some sort of return from their investment. The return will be poor unless the know-how developed in R&D programs can be exploited. This paper explores some of the issues involved in capturing the outcomes of mineral industry R&D in a form which can be exploited for economic benefit, and suggests ways in which it might be done better. It is based on the experience of the JKMRC in conducting applied research in mining and mineral processing and delivering it to the industry. It may seem presumptuous for a research contractor to be telling its clients how to do their job. However, the process of developing, acquiring and implementing R&D outcomes has to be a partnership between provider and receiver, in order for this process to work efficiently. This applies whether the two parties operate within a single corporation (a corporate laboratory and a business unit, for example) or are two entirely independent organisations (eg a mining company and a university). Both partners have a role to play, and the best examples of realising the benefits of R&D almost always involve the open-hearted and skilful handling of this synergy.