Catalyst capitalists

Report: Tim Mitchell
Photography: Melissa Di Ciero

A new Monash postgraduate course is giving science students the skills they need to convert science discoveries into business success stories.

The unique course combines theory and hands-on experience to help ensure Australian ideas aren't lost overseas.

When it comes to research, Australian scientists are punching above their weight. While representing just 0.3 per cent of the world's population, Australia produces 2 per cent of total research.

According to Monash University's Professor Nick Birrell while there are some outstanding research success stories, the same cannot always be said of Australia's ability to translate those results from laboratory to board room.

"We have an impressive array of research achievements in this country. The nation's researchers regularly lead thinking on drug development, engineering innovation and technological evolution, but we do not have the infrastructure to develop them," said Professor Birrell.

"There has been a mismatch traditionally between technological research capabilities and the development of economic wealth. Education is the main reason for this disconnect. There just aren't the people who have the skills that can take the science and turn it into wealth."

The solution is a unique course at Monash University, a Masters in the Commercialisation of Science and Technology, developed in conjunction with the Graduate School of Business.

"Researching a great idea is one thing, but ensuring it becomes a commercial reality is another altogether. This course fills the gap, ensuring Australia can capitalise on our intellectual strengths and commercialise research discoveries," said Professor Birrell.

The course gives science graduates the business, economics, legal and management skills they need to commercialise leading-edge medical, scientific and technology research projects. Subjects include law, patents and marketing, but unlike other courses, aspiring entrepreneurs also get hands-on experience, being assigned to work alongside some of Monash's elite teams of researchers to develop real commercialisation plans for emerging research.

Some of the Monash research has included work into promoting organ growth in premature babies and techniques for the separation of membrane proteins, which could help people with debilitating diseases.

Professor Birrell holds a PhD in mathematical physics and is also a venture capitalist who has scaled back his international investment activities to focus on education and research into the business of transforming science to wealth. In July 2006 he teamed with Professor Mike Vitale to establish the Asia-Pacific Centre for Science and Wealth Creation at Monash.

In 2007, the course attracted a dozen post graduate students. In 2008, numbers have grown to 32, with half the students travelling from countries including Malaysia, India and the US.

And the course is getting some early results for students and businesses. Several graduates have already earned jobs with PricewaterhouseCoopers and corporate partner NABCapital. Graduate Maree Agiazis has a job within Monash providing research development and commercialisation support for both the Faculty of Science and the Institute for Nanoscience, Materials and Manufacture.

"The course was intensive and very demanding, but equipped me with knowledge and skills which allow me to bridge the gap between researchers and industry or other external organisations such as government agencies," said Ms Agiazis.

"Together with providing me with a broad understanding of concepts in research, management and strategy, it expanded my planning skills and developed my critical thinking and communication skills.

"I would definitely recommend it to any science or technology graduate who enjoyed their course yet feels unsure about taking the research path. This course opens the doors to many and varied employment opportunities."

Professor Birrell said there should be strong demand for a new breed of these Monash graduates. He said foreign debt will continue to blow out while the country re-imported the commercialised development of our research in areas such as medicine and information technology.

"Science is a major driver of Australia's economic growth and development. Creating wealth from science is vital now, at a time when more of our consumption is of knowledge-based goods and services," said Professor Birrell.

"The alternative is a slowing improvement in standards of living or an increasing debt to countries that are using our ideas and converting our science into their success."

Visit the Science and Wealth Creation website.