Overview
Over four years, from 2020 to 2023, the MedTech Actuator, in partnership with the Menzies Leadership Foundation, delivered two national science entrepreneurship programmes. These initiatives were designed to bridge the gap between scientific research and commercialisation by equipping researchers with essential entrepreneurial skills.
The programmes offered robust and practical training, one-on-one mentorship, and facilitated critical industry exchange and connections.
They featured bilateral, competitively funded fellowships to support mid-career researchers with exceptional potential, and scholarships aimed at early-career researchers taking their first steps into entrepreneurship.
With the conclusion of the programmes, this paper presents a summary of the outcomes, key learnings, and recommendations. In capturing this experience, the MedTech Actuator and the Menzies Leadership Foundation openly contribute their collective knowledge as a resource for the broader ecosystem, with the goal of improving the successful commercialisation of medical innovations.
Forward
For over 45 years, the Menzies Leadership Foundation has been dedicated to fostering leadership that is grounded in purpose, values, and a commitment to the ‘greater good’.
Since 2020, in partnership with the MedTech Actuator, we have embarked on a transformative journey to bridge the critical gap between scientific research and its commercial potential. This whitepaper, Unlocking the Potential of Science Commercialisation: From Training to Systemic Change, captures the essence of that journey and the profound impact of our collaborative efforts.
Through the MedTech Actuator Menzies Scholarship and Fellowship programmes, we have equipped emerging science leaders with the skills, networks, and resources necessary to navigate the complex landscape of research commercialisation. These programmes have not only fostered groundbreaking innovations in health, medical, and biotechnology sectors but have also cultivated a generation of leaders who are driven by purpose and prepared to make meaningful contributions to society.
At the heart of the Foundation’s mission is the belief that leadership is not confined to traditional roles or titles, but rather a dynamic practice, rooted in integrity, resilience, and an entrepreneurial spirit. As we face global challenges marked by volatility, uncertainty, complexity, and ambiguity, the need for adaptive, empathetic, and values-driven leadership has never been more urgent.
Inspired by the enduring legacy of Sir Robert Menzies, who championed the role of education and scientific inquiry as pillars of national progress, we continue to support initiatives that tackle issues critical to Australia’s future. Menzies once declared, “If I leave the Australian universities in a healthy state, it will all have been worthwhile.” Today, we extend that vision beyond academia, into the vibrant ecosystem of science entrepreneurship.
Through the MedTech Actuator Menzies Scholarship and Fellowship programmes, we have equipped emerging science leaders with the skills, networks, and resources necessary to navigate the complex landscape of research commercialisation. These programmes have not only fostered groundbreaking innovations in health, medical, and biotechnology sectors but have also cultivated a generation of leaders who are driven by purpose and prepared to make meaningful contributions to society.
This report reflects our commitment to systemic change. It highlights the successes, challenges, and learnings from our collaboration, offering insights that will inform future strategies to support science entrepreneurs. More than just a record of achievements, it is a call to action—to embrace a culture of innovation, support deep collaboration, and build an ecosystem where ideas can flourish and translate into real-world impact.
As you read through this whitepaper, we invite you to reflect on your own purpose and consider how, together, we can continue to fuel innovation, empower emerging leaders, and shape a future where science andentrepreneurship drive sustainable progress for Australia and beyond.
Liz Gillies, CEO, Menzies Leadership Foundation
Introduction: MedTech Actuator
Australia’s economic future is deeply linked to the ability to harness the potential of our research organisations and transform their outputs into commercially viable innovations. This focus has been a cornerstone of both national discussions and public policy initiatives, emphasising the critical role of research commercialisation in driving long-term prosperity.
Time and time again, the concept of “research commercialisation” emerges as a key mechanism for ensuring that Australia’s substantial public investments in universities and research institutes yield tangible benefits. These include driving economic transformation, generating financial returns, and fostering meaningful socio-economic outcomes on a national scale. This is particularly evident in research related to health and wellbeing, where Australian scientific discoveries have made exceptional contributions to the global ecosystem.
However, despite significant resource investment and focus, the translation of research into practical outcomes has often been inconsistent, especially in the health technology sector. With rapidly evolving healthcare demands, fostering stronger collaboration between entrepreneurial, commercial, and research systems is more crucial than ever. Strengthening these connections is essential not only to amplify the impact of innovation but also to secure Australia’s position in an increasingly competitive global landscape.
While Australia’s strong tradition of academic research and innovation provides a solid foundation, overcoming persistent challenges and capitalising on untapped opportunities will be key to unlocking its full potential.
The MedTech Actuator-Asia Pacific’s leading healthtech commercialisation initiative-has played a pivotal role in nurturing early-stage, high-growth ventures in healthcare. It has achieved this by leveraging a robust network and ecosystem, and by drawing on insights from its Fellowship and Scholarship programmes. These were delivered over the past four years in partnership with the Menzies Leadership Foundation.
From this unique vantage point, this paper delves into valuable insights gathered from these programmes and highlights the journeys of scientists and researchers as they work to bring medical innovations to market. It aims to provoke dialogue among policy makers and ecosystem leaders on redefining the role of research institutions such as universities and medical research institutes-in driving commercialisation efforts. While the focus begins in Australia, the discussion has the potential to reach across the Asia-Pacific region, fostering collaboration and progress on a broader scale.
By bridging the gap between groundbreaking research and market-ready solutions, together we can unlock transformative opportunities for growth, innovation, and lasting impact—positioning Australia as a global leader in healthcare innovation.
Dr Buzz Palmer, CEO, MedTech Actuator
At the Menzies Leadership Foundation, we believe that scientific innovation is not just about discovery — it’s about translation, collaboration, and long-term impact.
Breakthroughs in research hold immense potential, but without the right leadership, that potential can remain untapped. We see leadership as the catalyst — the connective tissue that enables science to move beyond the lab, into systems, and into society.
That’s why we invest in the people behind the ideas: the scientists ready to lead, the thinkers ready to challenge convention, and the collaborators ready to drive change across disciplines and sectors.
Because the future of science isn’t just technical — it’s human.
And shaping that future demands a new kind of leadership.
We invite you to lead at the intersection of innovation and purpose.
