Innovation and Enterprise

Five-year Action Plan

Explore our five-year action plan for Innovation and Enterprise.

Our ambition

Universities worldwide are increasingly prioritising funding for research and education programs that deliver outcomes with a direct economic and community impact. The Commonwealth’s Medical Research Future Fund and its focus on translation – into direct health and economic outcomes – has the potential to transform medical and health research in Australia. In line with this, the University of Melbourne is committed to doubling its industry-related research income by 2020 by deepening our network of industry relationships and focusing on research translation for societal impact.

This faculty is uniquely placed to contribute to society in ways that shape and transform lives, inform fundamental research in new ways, and strengthen and enable the creation of new sectors of the economy.

Over the next five years, we will focus on building an entrepreneurial culture and workforce that support innovation and enterprise. Within the faculty, we will provide greater support for our staff and students to develop skills in entrepreneurship through mentoring, participation in incubator programs and industry internships. We will increase our support for the translation of research and offer proof-of-concept support for early stage projects.

The Faculty is uniquely placed to contribute to society through the development and adoption of new products and healthcare practices.

Five-year actions

Action 8.1

We will increase and systematise our support for translating research into tangible economic and societal outcomes. This will include:

  • Establishing an advisory committee to prioritise MDHS commercial projects to be chaired by the Associate Dean, Innovation and Enterprise
  • Establishing the Dean’s Innovation Fellowships to support proof-of-concept analysis for promising research for translation
  • Developing and implementing an innovation index to track Faculty innovation and enterprise activity

Action 8.2

We will build an entrepreneurial culture and workforce to expand the entrepreneurial capabilities of staff and to foster and inspire the next generation of researchers and entrepreneurs. This will include:

  • Establishing an Innovation and Entrepreneurship mentoring program for staff and students
  • Developing opportunities for internships for staff and students to help them develop entrepreneurship skills and relationships
  • Establishing an annual program of ‘Shark Tanks’ for MDHS staff and students to pitch projects and connect with the University’s entrepreneurship and accelerator programs

Action 8.3

We will prioritise recruitment of academics with significant commercial and industrial expertise.

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