Future Fibre Technologies, which develops and sells patented fibre-optic "intrusion detection systems'', accepted the top award in front of more than 200 guests at Princess Court Receptions in Mulgrave.

Other winners included Clayton coffee roaster Griffiths Coffee, Clayton meter and pumps supplier Acromet and Glen Waverley's Bestchance Child Family Care.

The encouragement award went to internet service provider Web24, which established itself at the Monash Enterprise Centre last year.

FFT business development manager Paul Rowan, who accepted the award, said the catastrophic 9/11 event was behind the company's success.

The company started in fibre-optic communication in 1994 but, with terrorism and oil theft threats looming large globally, FFT found a ready market for its world-leading security systems.

Among the company's clientele are the North Atlantic Treaty Organisation, the US military and intelligence arm and the Australian and Singaporean governments.

The technology, used to guard key infrastructure like military bases, airport perimeter fences and oil and high-pressure pipelines, doesn't rely on a power supply.

"There are no European or American companies that can do what we can do,'' Mr Rowan said. ``We can tell what the intrusion is and where it is quicker than [any other system]. It is virtually unique in the world.''

He said oil theft was a concern "everywhere, particularly in Asia and South America''.

FFT has two subsidiaries in Europe and the US and plans to expand further. The company has grown in the past five years from 12 to 35 staff, including an R&D team of three PhD scientists, engineers, and manufacturing and technical people.

MBA chairman Russell Hannan said FFT was selected for its "outstanding growth'' and for leading Monash into new markets.