University course for the business of science

A recently established postgraduate course at Monash University is giving students the skills and experience they need to turn scientific research into commercial viability.

The Master of Business (commercialising science and technology) involves teaming the students with working Monash scientists to help combat Australia's brain drain. It aims to give science graduates the business, economics, legal and management skills they need to commercialise leading edge medical, scientific and technology research.

Subjects include law, patents and marketing, and will provide real hands on experience for the students.

"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," said Professor Nick Birrell, who developed the course and has a PhD in mathematical physics and 20 years' experience in the finance sector.

"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," he said.

"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."

The University is also teaming up with the National Australia Bank to offer 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 course $18,000 for first prize and $9,000 for second prize.

"This award is about supporting young entrepreneurs from the ground up, and really helping to strengthen Australia's research and development capabilities," said John Hooper, CEO of nabCapital.