TORONTO/MELBOURNE — Creative Destruction Lab (CDL), founded at the Rotman School of Management at the University of Toronto, is launching a new site in Melbourne, Australia’s thriving technology hub. CDL-Melbourne will leverage a diverse regional ecosystem while also opening a new link to the Asia-Pacific region for the global CDL community.
CDL-Melbourne is hosted by Monash Business School within Monash University — one of the world’s top 50 universities, according to the Times Higher Education World University Rankings. CDL-Melbourne will offer a Prime stream for early-stage founders applying advanced technology solutions to a wide range of industries.
Monash University is the driving force behind Monash Technology Precinct and surrounding National Employment and Innovation Cluster, one of Australia’s most diverse innovation landscapes for technology, advanced manufacturing, health, sustainable development and more. The Precinct is a hub for collaboration between researchers, infrastructure and industry, and is home to nationally significant research centres including CSIRO, Australian Synchrotron (ANSTO) and Melbourne Centre for Nanofabrication. A home for ground-breaking work in mRNA innovation, Moderna is building its first mRNA production facility in the Southern Hemisphere within the Monash Technology Precinct.
With its vibrant and multifaceted economy, Melbourne was a natural first step into the region for CDL, and an important move in expanding the CDL network to the Asia-Pacific region. Melbourne’s advanced technology landscape is underpinned by world-leading research across a range of industries including biotechnology, medicine, digital technology, renewable energy, sustainability and robotics.
Melbourne’s flourishing regional ecosystem is matched by Australia’s robust domestic economy — the 12th largest advanced economy in the world. Australia’s resources sector is not only one of the world’s largest, but also uniquely focused on innovation and a push toward powering a future net-zero economy. A new shift to domestic critical mineral refining, as well as mine automation, coupled with global powerhouses in the industry, position Australia at the vanguard of the resources sector.
“Australia is the home of so many incredible innovators in the science and technology space already. This is something I know will be of immense value to Australian organizations and more broadly,” says Professor Simon Wilkie, head of Monash Business School and dean, Faculty of Business and Economics, Monash University. “CDL-Melbourne will be able to draw on both the expertise of the Business School and that of Monash University as a whole. Monash University consistently ranks among the world’s best tertiary institutions, particularly in the biomedical technology field.”
“I have long thought that Australia had great potential in innovation and the CDL model could unlock the wealth of scientific progress amongst our best Universities,” said Professor Joshua Gans, CDL Chief Economist and former professor at the University of Melbourne. “I am very excited to be helping bring this global network home and unlocking a startup ecosystem for Australia.”
“We are thrilled to partner with Monash University to launch CDL-Melbourne,” shared Sonia Sennik, executive director of Creative Destruction Lab. “CDL’s proven objectives-based model has provided unparalleled access for founders to global leaders and industry experts who provide them with insights and mentorship to build massively scalable companies.”
“In its first year, CDL-Melbourne will concentrate on placing early-stage founders of science-based technology companies through a structured and highly effective program designed by CDL that involves intensive mentorship with industry figures in Australia and globally,” says Professor Deep Kapur, deputy dean, External Engagement; chairman, CDL-Melbourne; director, Monash Centre for Financial Studies.
“CDL-Melbourne will provide a springboard into international markets for founders looking to massively impact deep tech, driving the next wave of growth domestically and abroad,” adds CDL-Melbourne Site Lead A/Prof Charlie Nave.
In its first year, CDL-Melbourne will offer a Prime stream, for founders pursuing state-of-the-art technological innovations across diverse industries.
Distinct from CDL’s specialized streams that each focus on a particular industry or technology, CDL Prime admits diverse ventures pursuing many different applications of technology to industry problems.
Applications for CDL-Melbourne Prime will close at 11:59 PM AEST on October 6, 2023.
About Monash Business School
Monash Business School, located in Melbourne Australia, together with the School of Business at Monash University Malaysia, make up the Faculty of Business and Economics – one of ten discipline-based faculties at Monash University, a globally-ranked top 50 university. The Faculty also runs specialist business units and courses at Monash Suzhou in China, the Monash Prato Centre in Italy and Monash Indonesia, located in Jakarta.
Collectively the Faculty of Business and Economics is home to over 21,600 students (EFTSL) and over 420+ academic staff (EFT). The Faculty of Business and Economics is internationally recognised for excellence in research and education in Australia, the Asia-Pacific and around the world as ranked by some of the most prestigious and highly regarded international rankings of world universities.
About Rotman School of Management
The Rotman School of Management is part of the University of Toronto, a global centre of research and teaching excellence at the heart of Canada’s commercial capital. Rotman is a catalyst for transformative learning, insights and public engagement, bringing together diverse views and initiatives around a defining purpose: to create value for business and society. For more information, visit www.rotman.utoronto.ca.
About Creative Destruction Lab
Creative Destruction Lab (CDL) is a nonprofit organization that delivers an objectives-based program for massively scalable, seed-stage, science- and technology-based companies. Its nine-month program allows founders to learn from experienced entrepreneurs, increasing their likelihood of success. Founded in 2012 by Professor Ajay Agrawal at the University of Toronto’s Rotman School of Management, the program has expanded to 13 sites across seven countries: Oxford, Seattle, Paris, Atlanta, Madison, Vancouver, Calgary, Montreal, Halifax, Berlin, Estonia, and Melbourne. Learn more at creativedestructionlab.com.