In the wake of the financial crash of 2008, many scientists have found themselves working in an environment of squeezed budgets in which they must increasingly make the case that their research adds value to the wider economy.
The upshot is that science and business need to intersect more frequently than they ever have before – at the level of institutions and also individuals.
Dr Peter Varnai, a chemical biologist, enrolled on the prestigious MBA course at the Business School at the start of this academic year. Previously a Wellcome Trust Research Fellow at Cambridge, Peter took up a position as a senior lecturer at the University of Sussex in 2007. His research sought to understand how the physical structure of biomolecules relates to their function, with the aim of designing new drugs. He also founded and directed an MSc programme in chemical biology at Sussex. So why this switch when Peter’s star was very much still on the rise?
“I think that the ambition I had as a young scientist to constantly push the boundaries was tempered slightly in the academic setting. I figured that I had another 25 years to go in my career, and I wanted that time to be the most effective and worthwhile it could be. I talked to friends who had done MBAs, and they said that this is a year for you to think about what values you represent as a person and how you can most efficiently deliver on them.”
Since Peter plans to remain involved in some way in science – a career which was a “childhood dream come true” – seemed like the perfect fit. Sitting inside a world class science and technology university, the Business School has built a reputation for delivering ground-breaking research and teaching, specialising in innovation and entrepreneurship.
“Imperial gives you that kind of crossover between science and business that I was looking for. There is still this perception among some scientists that business and application are dirty. The truth is business knowledge actually helps you understand why people invest in science, and why some scientific discoveries make it big and others completely disappear.”
In the event that he decides to return to full-time research and teaching, Peter believes the MBA will have given him the ability to make better decisions.
“I think I could lead a research group that is more efficient, knowing my leadership capabilities and how to approach people who have difficulty in voicing their own thoughts better. We learn a lot about how to tap into other people’s motivations.”
The one year MBA course is intense with a busy schedule, especially for Peter who commutes in from his home in Brighton most days and admits to sleeping much less now. But he particularly enjoys the practical projects which emphasise working through problems in a team.
“It is part of the process – there is no hierarchy here, we are in a team and you realise the only way your team will follow your advice, and not somebody else’s suggestion, is by using your reasoning but also your charm.”
Some of the contemporary course projects that Peter’s team has worked on so far include devising a model to predict medal counts in the Olympic Games and the ethics of ‘price gouging’ when doing business in cities hit by storms and other natural disasters.
The diversity of students enrolled on the MBA programme is also an enriching factor when it comes to swapping ideas and exploiting different ways of thinking.
“Some students come from dynasties of entrepreneurs in India and have already established five companies despite being 10 years younger than you! Others have a finance background, where they led big teams with important responsibilities, and others like me have made a complete change. We inspire each other.”
Peter is now embarking on a five-month MBA project as part of the Innovation, Entrepreneurship and Design programme. He has decided to explore mobile and remote health, specifically devising business models that encourage primary healthcare providers to adopt new technology platforms.
“The projects we do as part of the MBA can serve as a stepping stone. The Business School has a strong alumni network, so we meet a number of successful business people who come back and try to help us. Hopefully we will give back as well, once we are out in the wild!”
Perhaps Imperial will soon be contributing more names to the list of renowned scientists turned business people that includes genome decoder Craig Venter, private sector space explorer Elon Musk and software sage Mike Lynch.
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