Multi-stakeholder supervisory governance: the Australian Research Council in biodevices case

A lack of resources and capabilities to translate research discoveries into practical and commercially viable outcomes is one of the difficulties being faced by universities and institutions in several countries and locations. While universities are aiming to close this gap and are increasingly transforming themselves into entrepreneurial universities, education and traning models that facilitate the development and commercialisation of technology innovation particularly the field of interdisciplinary remain elusive. This is especially true for the integration between entrepreneurship and innovation and science and engineering (medical technology). This paper presents a conceptual supervisory framework of an industry-oriented PhD program that integrates roles and responsibilities of multiple stakeholders, utilising the Australian Research Council Training (ARC) Training Centre in Biodevices - an innovation hub at Swinburne University of Technology as a research context. Theoretical and practical implications exist for educators, program designers and university leaders, to foster the paradigm shift in education and training.