Science Meets the Economy

UNSW SMaRT Centre and its Director, Professor Veena, are sponsoring Science & Technology Australia's new pilot "generational change" program to fundamentally reset leadership in science and technology industries and transform our nation’s economy.

Science Meets the Economy is a program that will equip STEM professionals with an understanding of the business world and the economy, enabling them to translate science and evidence in meaningful ways for businesses.

The Science Meets the Economy program is a 3-day in-person intensive for cohorts of approximately 30 leaders.

The program will cover the fundamentals of business-focussed governance, economics and regulation.

Participants will learn to translate and communicate scientific concepts into business value propositions that resonate with non-technical stakeholders. They will understand business drivers and constraints and be able to identify where scientific expertise can add strategic value to businesses.

Science Meets Economy webpage

Veena says:

Science Meets the Economy

In an era defined by supply chain disruption, climate pressures and accelerating technological change, one lesson is becoming increasingly clear: science and the economy are no longer separate conversations. They are deeply intertwined, and the success of one increasingly depends on the strength of the other. That is the premise behind Science Meets the Economy—a program designed to bring scientific expertise into the heart of economic and business decision‑making.

Why STEM matters for a thriving economy

STEM disciplines are foundational to a modern, resilient economy. They underpin productivity growth, innovation, and Australia’s ability to compete in global markets. From advanced manufacturing and clean energy to health, infrastructure and digital technologies, economic growth today is driven not by incremental change, but by evidence‑based innovation.

Crucially, STEM does more than generate new ideas—it transforms risk into opportunity. Scientific research provides the tools to understand complexity, test assumptions, and develop solutions that are robust, scalable and future‑ready. Economies that embed science into decision‑making are better placed to manage uncertainty, attract investment and build sovereign capability.

What STEM thinking brings to business decision‑making

STEM thinking brings a distinctive mindset to business and policy decisions. It prioritises data, systems thinking and long‑term optimisation, rather than short‑term gain. Scientists are trained to ask hard questions, work across interdisciplinary boundaries, and design solutions that perform under real‑world conditions.

This perspective is especially powerful when applied to economic challenges such as waste, energy security and industrial transformation. For example, Australia’s traditional “take‑make‑dispose” economic model struggles in a world of geopolitical shocks and resource constraints. STEM‑led approaches, by contrast, focus on materials circularity, efficiency and redesign—turning problems like waste into sources of value.

A clear illustration of this is the work of the UNSW SMaRT Centre, whose innovations demonstrate how applied science can create real economic outcomes. Through technologies such as MICROfactorie™ platforms, SMaRT has shown how hard‑to‑recycle wastes—plastics, textiles, tyres, e‑waste—can be reformed into circular feedstock for remanufacturing and new products rather than sent to landfill. Similarly, our Green Steel™ Polymer Injection Technology replaces part of fossil‑based inputs in steelmaking with waste polymers, reducing emissions while improving industrial efficiency. These technologies involve commercial partners and demonstrate the social, environmental and economic impact of business-focused STEM. They are not laboratory curiosities—they are examples of science directly shaping industrial competitiveness.

Why STEM professionals should participate in Science Meets the Economy

The Science Meets the Economy program exists because too often, scientific expertise is under‑represented where economic decisions are made. Businesses and policymakers need scientists—not just as advisors, but as active participants in shaping economic strategy. For STEM professionals, participation is both an opportunity and a responsibility. It allows scientists to see how their knowledge can influence investment, regulation and market design, while ensuring that economic systems are grounded in evidence. It also helps break down silos, enabling collaboration between researchers, industry leaders and decision‑makers.

Ultimately, Science Meets the Economy is about building a future where scientific insight drives sustainable prosperity—where innovation delivers not only new technologies, but stronger businesses, healthier communities and a more resilient national economy.