In today's rapidly evolving landscape, the commercialisation and monetisation of research have become vital topics of discussion. Shishir Priyadarshi, President of Chintan Research Foundation (CRF), was one of the leading speakers at the FICCI Bharat R&D Summit 2024. Taking place on 3 Oct and 4 Oct 2024 in New Delhi, this two-day conference aimed to galvanise India's research and development sector. It aligned seamlessly with the Government of India's initiatives to cultivate an innovative R&D culture and significantly enhance the nation's standing in the global innovation arena.

Mr Priyadarshi began his addrress noting that as the world continues to be driven by innovation and technological advancements, the process of taking research from the lab to the market has never been more essential. In his speech he explored the steps necessary for effective technology commercialisation, the usefulness of this process, the challenges faced, the policies needed, and most importantly, the way forward.

“The commercialisation of research plays a vital role in economic growth and societal advancement. It leads to job creation, advances in healthcare, and improves the quality of life. A perfect example is the field of biotechnology. According to a report by Deloitte, the global biotech industry is expected to grow by over 7% annually, reaching a market size of USD 627 billion by 2025. This growth represents not only financial gains but also breakthroughs in medicine, agriculture, and environmental sustainability,” Mr Priyadarshi highlighed.

He further added that at its core, commercialisation is the process of bringing new technologies, products, or services to market. The journey typically doesn't start at the stage of product development; rather, it begins with a brilliant idea or research outcome.

He also outlined the the challenges of commercialisation and ways to overcome them in this. Mr Priyadarshi then highlighted how the Adani Group has always held dear, the link between industry and academia. This is why, he noted that the Adani Foundation as part of the Group’s CSR activities runs schools, universities and many other academic initiatives. It also runs skill development programmes, establishing strong links between the Group’s industrial focus and academician.

“More recently, the Adani Group has made significant strides in various sectors, focusing on sustainability while commercialising and monetising innovative research,” he said, while citing the examples.

• Renewable Energy Investments: Adani Green Energy Limited (AGEL) is one of the largest renewable energy players in India, focusing on solar and wind power. They have commercialised research into efficient solar technologies and scalable renewable installations.
• Solar Power Manufacturing: The Adani Group has established large-scale solar manufacturing units, particularly in Gujarat, to produce solar panels. This initiative translates research on solar technology into commercially viable products, thus enhancing domestic manufacturing capabilities.
• Sustainable Ports: Adani Ports and SEZ (Special Economic Zone) incorporates green technology in the development of its ports. They invest in research on sustainable port operations, implementing energy-efficient practices and reducing carbon footprints.
• Green Hydrogen Projects: Adani Group has announced ambitious plans to develop green hydrogen production, leveraging research and development in hydrogen energy. This aims to provide clean energy solutions and align with global sustainability goals.
• Carbon Sequestration Initiatives: The group is investing in research on carbon capture and storage technologies, exploring ways to reduce carbon emissions from industrial processes and linking this to their business operations.
• Smart Cities Initiative: Through Adani Realty, the group is working on developing sustainable urban areas that incorporate smart city solutions, including energy-efficient buildings and integrated waste management systems, demonstrating commercial viability in sustainable urban development.
• Electric Vehicle Infrastructure: Adani Group is investing in the infrastructure necessary for electric vehicles (EVs), including EV charging stations. This move supports their commitment to sustainability and helps commercialise research in electric mobility.

Mr Priyadarshi said that through these initiatives, the Adani Group demonstrates a commitment to integrating research into operational practices that drive sustainability while promoting economic growth and innovation.

He further stressed that to facilitate successful commercialisation and monetisation, forward-thinking policies are essential. “Governments should increase funding for commercialisation programs, including by providing grants and low-interest loans specifically for commercialisation efforts can alleviate the funding challenge. Governments should also simplify regulatory processes. Streamlining approval processes for new technologies can foster faster time-to-market. Finally, governments should support education and training in business acumen. Incorporating entrepreneurship training into research institutions can prepare researchers to navigate the commercialisation journey effectively,” he added.