Recent changes to university research funding by the Federal Government in Australia have led universities to more actively look for research partners, ranging from local industry to international businesses. However approaches to engagement with industry remain ad hoc, and often revolve around traditional views of how to protect IP, with few universities undertaking a strategic and holistic approach to industry engagement and commercialisation. In the current Australian research landscape, there are several large-scale cross-disciplinary research opportunities that although are still in the early stages of technology development, have the potential to lead to new ground-breaking applications in a number of emerging markets. KPMG has been working with universities to simplify the process of engaging with industry though establishing structures and principles to facilitate translation of IP arising from these opportunities. This includes considering IP arrangements, governance, structuring of operating entities and supply chain for commercialisation. Our approach enables universities to move from the traditional view of ‘how to protect IP’ to a new way of thinking about exploiting commercial possibilities by setting up for commercialisation from the early stages of research. This presentation will discuss the elements of structuring research entities for commercial outcomes in more depth, including key insights and examples from the Australian context.