Monash University > News and Events > Monash Memo

Monash's budding entrepreneurs pitch for investment

9 November 2005

Monash PhD researchers Mr David Menzies and Mr Matthew Belousoff have won the $10,000 prize for their new business venture, Barracouta Pty Ltd, in the inaugural Monash New Enterprise Challenge.

From left: Mr Guest, Ms Lu, Dr Jordan, Mr Belousoff, Mr Menzies and Associate Professor Reed.

The challenge, which required teams of graduate students to submit a proposal for a new business venture, was launched in April as a university-wide competition.

Hosted by Monash's Graduate School of Business and sponsored by Monash Commercial, the challenge was funded by the National Innovation Awareness Strategy -- the Australian Government's program to motivate young people to pursue innovative and entrepreneurial careers.

The final stage of the contest was held late last month, when four teams had to present detailed business plans to an adjudicating panel.

The winning enterprise, Barracouta, makes specialty aquarium glass that inhibits the growth of algae on the glass, dramatically reducing the maintenance time and cost associated with aquarium maintenance.

Mr Menzies, from the Faculty of Engineering, and Mr Belousoff, from the School of Chemistry, were supported by a team of technology and financial experts including Nanotechnology Victoria program manager of nanostructured materials Dr Larry Jordan, Nanotechnology Victoria chief executive officer Dr Peter Binks, Department of Materials Engineering research fellow Dr Raoul Cervini, RMIT student Mr Joshua Guest, and Monash graduate Ms Sylvia Lu.

Mr Menzies and Mr Belousoff will represent Monash at Australia's national venture capital competition for graduate students, the John Heine Entrepreneurial Challenge, in December.

Mr Belousoff said the challenge gave students a fantastic opportunity to commercialise a new enterprise.

"Thanks to Monash and the National Innovation Awareness Strategy, we now have $10,000 to invest in Barracouta as well as greater knowledge about what investors are looking for," he said.

MBA director and challenge co-coordinator Associate Professor Peter Reed said the Monash New Enterprise Challenge fostered the spirit of entrepreneurship for graduate students throughout the university.

"The challenge was not an academic exercise -- there was an expectation that the business proposals would be capable of proceeding to commercialisation," he said.

"The quality of the four enterprises in this year's competition was outstanding, but unfortunately there can only be one winner."

It is expected the challenge will be held each year.