Professor Sir Paul Callaghan says he decided to commercialise his research because it seemed like "the right thing to do". Prof Callaghan is Victoria University's Alan MacDiarmid Professor of Physical Sciences and was the founding director of the MacDiarmid Institute for Advanced Materials and Nanotechnology at Victoria University.

Paul recently wrote a book, "Wool to Weta: Transforming New Zealand's Culture and Economy" which discusses the potential for entrepreneurs, especially those based on technology industries, to help transform New Zealand's economy. He no doubt drew heavily on his own experiences in establishing Magritek, a manufacturing and exporting business dealing in technology similar to MRI scanning. "By commercialising one's research, many more doors for basic research funding are opened up. It's exciting, it's fascinating. The science and technology problems are just as good as in basic science, and I continue to do basic science."

Magritek was formed through Viclink in 2004. Prof Callaghan is a shareholder, alongside fellow researchers Robin Dykstra, a senior lecturer in Engineering at Victoria University, software expert and former Massey University physics lecturer Craig Eccles and Mark Hunter, a Victoria University physics research fellow. Magritek's chief executive is Dr Andrew Coy, one of Prof Callaghan's former students who combines a history of study up to PhD level in science and engineering with a keen head for business.

Prof Callaghan says commercialisation is only for those researchers who are entrepreneurial by nature and prepared to take risks.

"It requires extra effort. It requires building partnerships. There is a potential for financial reward but that is not the main reason to do it. It's about making a difference, and especially making a difference for your graduate students and for the country. "Science doesn't exist in a vacuum, but in a society which pays for it. I think New Zealanders might reasonably expect some benefits from their investment."

For those who do step up to the challenge of commercialisation, Prof Callaghan says the benefits are immense. As a group of researchers working on a commercialisation venture will work towards a common goal with a sense of teamwork far greater than that usually found in research science, Prof Callaghan says.

"Seeing people around the world actually buying your products is very rewarding. Seeing your graduate students employed in a decent science job in New Zealand and not having to leave the country is very rewarding. Learning about business is interesting and helping contribute to New Zealand's export earnings is worthwhile."