How can Australia turn its scientific expertise into resilient industry, innovative businesses, better decisions and greater prosperity? That challenge brought STEM leaders together in Sydney for Science & Technology Australia's inaugural Science Meets the Economy program.
Across three intensive days, from 10-12 November, participants explored the forces shaping Australia's economy and executive decision-making, and how to connect scientific evidence and the unique skills of the STEM workforce with the priorities of industry, investors and boards.
The program combined expert perspectives, practical exercises and conversations between leaders from science, business and governments. This success was enabled by key program supporters: Google (Foundation Partner), The University of Western Australia (Knowledge Partner), Chambers Russell Lawyers (Venue Partner) and The University of Sydney (Learning Partner).
STA President Jas Chambers said the program addressed a critical connection between Australia's scientific strengths and its economic ambitions, identified by STA's members and reinforced in the recent Ambitious Australia report - an independent report commissioned by the Australian Government on the research, development and innovation system.
"Australia has extraordinary scientific expertise and a highly skilled STEM workforce. To realise its full value, we need STEM leaders who understand the pressures, priorities and choices shaping business decisions," Ms Chambers said.
"Science Meets the Economy helps build that understanding, giving participants practical opportunities to connect their expertise and skills with the problems businesses are trying to solve."
The program opened with a welcome dinner on 9 November featuring NSW Chief Scientist and Engineer, Professor Hugh Durrant-Whyte, setting the scene for participants to consider their values, leadership ambitions and the contribution they want to make.
The first full day examined the Australian economy, the evolution of Australia's research landscape and the human factors behind decisions. These sessions encouraged participants to consider the wider environment in which scientific expertise is applied.
The next day, moved from understanding that environment to working within it. Sessions on strategy, strategic planning, intellectual property and government policy explored how businesses set priorities, protect ideas and assess opportunities.
Ms Chambers and STA CEO Ryan Winn joined participants in examining how to make scientific expertise matter to others. A central challenge was to view research through a potential industry partner's eyes: what problem does it solve, how does it connect with their priorities, and why should they invest?
An afternoon industry panel explored the shared interests of science and business, alongside the conditions influencing whether companies invest and grow in Australia.
The conversation continued at the Leaders' Dinner, where a highlight was an address by the Hon Dr Andrew Charlton MP, Assistant Minister for Science, Technology and the Digital Economy.
Hon Dr Andrew Charlton MP, Assistant Minister for Science, Technology and the Digital Economy
STA President Jas Chambers & Sea Forest CEO Sam Elsom
During breaks in the dinner's rich discussions and networking, Sea Forest CEO Sam Elsom, CSIRO Board Chair Ming Long AM, Chair of the National Reconstruction Fund and CEO of Pollination Martijn Wilder AO, Australian Institute of Company Directors CEO Mark Rigotti and Google Principal Engineer Daniel Nadasi shared perspectives on research, investment, governance and collaboration. Clear themes included clarity of purpose of research, and connecting that to industry priorities and business strategy, understanding what builds investors' confidence, and building bridges between people with different expertise and perseverance through setbacks
On the final day, participants were challenged to harness the previous days' perspectives and insights into practice through hands-on governance and risk management sessions and an exercise to practice being a board. A detailed case study of a real business enabled participants to explore how scientific discovery and innovation informs commercial decisions and ultimately impact.
"Those currently sitting around the decision-making tables of Australia bring expertise and critical thinking through particular lenses. STEM and research professionals are capable of the same and could contribute richness to the discussion, technical capability in assessing evidence and navigating uncertainty alongside the perspectives from law, economics, finance and policy," Ms Chambers said.
"Our STEM workforce has recognised that we need to build our capability in understanding the Australia economy and the decisions that businesses face, in order to be invited to those tables."
"Science meets the Economy is an exemplar of co-design in bringing together deep knowledge of the STEM industry, Australia's economy, governance and strategy, and an understanding of how this relates to government policy. This program will enable more effective partnership in future and build leadership to help shape Australia's future prosperity."
The next Science Meets the Economy program will be run in mid-2027.
