SYDNEY, Sept. 13 (Xinhua) -- The Torch Innovation Precinct at Australia's University of New South Wales (UNSW), which is based on a Chinese model, has taken out a top international education award for best Public/Private Partnership at a ceremony in London last week.
The PIEoneer Awards honour innovation and achievements in international education and has recognised the collaboration between UNSW and China's Ministry of Science and Technology, as being highly beneficial to all involved.
UNSW's Torch Innovation Precinct, which launched in 2016 and is the first of its kind outside of China, provides a means by which researchers can connect more quickly and efficiently with organizations interested in their work.
Director of the Knowledge Exchange in the Division of Enterprise at UNSW, Warrick Dawson, told Xinhua "In Australia we've had a long history of being excellent at creating new knowledge but not so good at translating it."
"China's government was encouraging their companies to globalize and to look for new technologies anywhere they could around the world and so this perfect storm meant that we could very quickly find partners for some of our world leading technologies."
Currently the initiative exists only as a "virtual precinct," utilising pre-existing lab space and facilities. However, as of 2019 construction will begin on a purpose built physical precinct.
The physical precincts brings together all of the key elements of the ecosystem, the researchers with the ideas, the companies with the problems to solve, and the ability to translate the technology to the market.
With over 160 Torch Innovation Parks across China, Dawson said the method is "universally recognised as one of the most successful models of translating new technology into the market," and is now benefiting students and researchers in Australia as well.