Abstract

To enable the rapid mobilisation of transdisciplinary research tackling global challenges such as climate change, clean energy, thriving communities and geopolitical security, the Impact Labs were launched by Monash University Australia’s Business School.

The innovative model aimed to create a sustainable research ecosystem, where research, education and industry engagement initiatives would leverage, inform and support each other and where resources could be targeted efficiently to implement strategic initiatives. These labs serve as platforms that connect researchers, industry, and policymakers to develop transformative solutions.

A framework was developed and the first pilot lab launched in 2019. The pilot enabled us to test a flexible lab structure and troubleshoot organisational challenges. The pilot lab's success underscored the benefits of a structured approach within a large organisation to break down silos and align projects with strategic goals.

The adaptability and scalability of the model allow it to thrive in diverse international contexts, taking into account cultures, government and industry priorities, and regulatory environments. This ensures the model remains effective in fostering interdisciplinary collaboration globally.

There are now six Impact Labs based in Australia and the model is being adopted by Monash University’s Malaysian and Indonesian campuses. The global accreditation council for Business Schools EQUIS considers the model an exemplar for industry engagement.

Involving over 200 academics in major projects, the model has catalysed research, facilitated industry partnerships, secured funding, and produced measurable outcomes, demonstrating the effectiveness of strategic leadership in fostering interdisciplinary collaboration.

During this presentation we will outline the roadmap to implementing the Impact Labs model, including engagement and commercialisation strategies to enable the labs to be self-funding within 5 years. We will also share how the model is fostering the development of international research teams, through the establishment of a joint Malaysian and Australian Fintech Impact Lab.