29 May 2007
A new unique Monash University postgraduate course is giving students the skills and experience they need to turn scientific research into business success stories.
The University is teaming up with nabCapital(a division of National Australia Bank) which is offering cash prizes to aspiring business builders who are working with scientists to commercialise their research.
The nabCapital Science in Business Awards will offer eligible students undertaking the new Master of Business (Commercialising Science and Technology) $18,000 for first prize and $9,000 for second prize.
The course involves teaming aspiring entrepreneurs with working Monash scientists to help combat Australia's brain drain. It 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 students get real hands on experience, assigned to work alongside some of Monash's elite team of researchers to develop real commercialisation plans.
Some of the Monash research includes promoting organ growth in premature babies and techniques for the separation of membrane proteins which could help those with debilitating diseases.
The course is the brainchild of Professor Nick Birrell, who has a PhD in mathematical physics and 20 years experience in the finance sector.
"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 convert research discoveries into economic wealth," Professor Birrell said.
"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.
"The alternative is a slowing improvement in standards of living or an increasing debt to countries that are using our ideas, turning our science into their success."
nabCapital CEO, John Hooper, said that supporting budding entrepreneurs who are commercialising scientific research has the potential to have a significant impact on the finance sector and the broader Australian economy.
"This award is about supporting young entrepreneurs from the ground up, and really helping to strengthen Australia's research and development capabilities. We're offering students a reward for their outstanding work, particularly where they're involved in the innovative and leading-edge research that's vital to Australia's future," Mr Hooper said.
For additional information, please contact:
Monash University: Samantha Blair, Media Communications (03) 9905 9315
nabCapital: Jim Stiliadis (03) 8641 3958
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