When making an investment in the financial services industry one is usually warned that the value of shares can go down as well as up, that it is not guaranteed and that past performance is not necessarily a guide to what may happen in future. The University is offering an investment opportunity too. In this case, however, the benefits do not come in pecuniary terms but in a better and more comfortable way of living... perhaps even ensuring a longer life.
Two years ago, the University decided to set up the Research, Innovation and Development Trust (RIDT), thanks to an initial €500,000 capital injection made by the former government.
Its aim is “to strengthen investment in high-calibre research and development across every faculty and department within the University and on a national level and to foster the commercial exploitation of this research”.
Judging by the recently-published annual report for 2012, the trust has got off to a good start. In fact, it reports that, in its first year, the RIDT attracted “an encouraging number” of donors and benefactors from a cross section of society, including private companies, public institutions, individuals, students, alumni, foundations and organisations.
It is particularly heartening to note that the list of those supporting the trust in one way or another includes students and alumni because that clearly indicates active interest and a desire to be a stakeholder. Evidently, there is a sense of ownership and this bodes very well for the future as it means they are willing to lead by example.
One can only hope and trust that this state of affairs will attract more students and alumni to the project and that, in turn, these will serve to be a magnet to other sectors of society.
Nobody will, of course, doubt the contribution that a University can make through research in support of projects that benefit the community.
The Group of Eight, a coalition of leading Australian universities, notes in a discussion paper released in April that universities look “to the future, the big picture and the universal, as well as to the present and local. They value learning in its own right, not just as a tool with which to change the world. While they respond to the immediate and provide capabilities that can address the urgent, their main value comes from their ability to look and act beyond the short-term”.
Those of a certain age will recall a time when the research aspect of the University of Malta used to shamefully be derided by the country’s highest authorities.
Thankfully, common sense eventually prevailed and the Alma Mater was back on track, engaged in research that helps drive innovation which, in turn, contributes to economic growth, national development and improved human welfare. But, to be able to do so effectively, the University needs all the help and encouragement it can get.
University Rector Juanito Camilleri rightly notes that research requires a steady flow of revenue. Although, as he also points out, such funds cannot be expected to come only from the Government, the State has a central role to play by encouraging contributions through, for example, tax rebates because any future breakthroughs are likely to benefit the country and its people.
Apart from being expensive, research usually takes time before any results are reaped and even that is not always certain. Yet, research is a must and the RIDT should have the resources it needs to function effectively. After all, it is an investment in the future of this country.