Building bridges with business
In the early 1980s, budgets for university spending were shrinking. Research and teaching programs faced cuts. Vice-Chancellor Ray Martin felt it was time to make use of Monash’s research excellence to create its own funding. Working with business had become a steady way of funding Monash research. Martin established several funds to support research programs. To ensure fairness, he developed a funding formula that shared the money raised by marketable research across the university. The sale of one of electrical engineer Ed Cherry’s inventions paid for a new purchase for the Library’s rare books collection.