News story 27th May 2016

Monash Business School hosts first roundtable with Future Business Council

Monash Business School hosted the first roundtable discussion as part of the three-year partnership with the Future Business Council on 17 May. The event brought together five CEOs of leading next generation businesses and our School’s Leadership and Executive Education team.

Partnership

Tom Quinn, Executive Director, Future Business Council with Professor Richard Hall, Deputy Dean, Leadership and Executive Education

The aim of the discussion was to consider some of the reasons why university-business collaboration in Australia has historically been so poor, and to see how the partnership might overcome some of the barriers to effective collaboration and develop mechanisms to foster joint initiatives in areas of mutual benefit.

On the international stage, Australia is lagging when it comes to university-business collaboration, ranking 29 out of 30 in the Organisation for Economic Cooperation and Development (OECD) in 2014.

Participants in the discussion agreed that this is holding back our economy. It makes innovation harder and is hampering the effort to shift to a 21st century economy.

“We formed our partnership with the Future Business Council to improve our capacity to collaborate with sustainable, progressive and future-oriented next-generation businesses," explains Professor Richard Hall, Deputy Dean, Leadership and Executive Education.

Professor Hall said the roundtable discussions are a step in the right direction in realising this aim.

“We made agreements to create more than a dozen internships and up to three joint research projects. In addition, we have established some great working relationships with industry-leading CEOs. Such collaborations are key to drive a national innovation agenda,” he added.

More work is needed to improve Australia’s performance though. Roundtable participants warned that a more systemic approach to the issues of IP, trust and incentives is required to more rapidly overcome the barriers and boost collaboration.

“Boosting collaboration is central to supporting innovative, agile business and is the key to future prosperity. We join the Future Business Council in encouraging other organisations and universities to join the effort to make Australia a global hub for future business,” Professor Hall concluded.

For more information on the Future Business Council, please visit their website.